https://www.taxtmi.com/caselaws?id=798332 Section 466 of the Companies Act, 1956 permits a permanent stay of winding-up where a revival proposal demonstrates public interest, commercial morality and bona fides. A scheme settling creditor and workmen dues, supported by secured creditors, shareholders and workmen, may satisfy those requirements even if it redevelops company land rather than resumes an unviable business. Objections concerning claim quantification, dividends, security and loans remain matters for claim adjudication and need not defeat revival. Changing the company's objects from textile operations to real-estate development is not prohibited where revival of the original business is commercially unviable. Negotiated workmen benefits materially support public-interest and commercial-morality assessment. en-us Wed, 02 Sep 2026 00:00:00 +0530 Sat, 05 Sep 2026 08:44:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=798332 Section 466 of the Companies Act, 1956 permits a permanent stay of winding-up where a revival proposal demonstrates public interest, commercial morality and bona fides. A scheme settling creditor and workmen dues, supported by secured creditors, shareholders and workmen, may satisfy those requirements even if it redevelops company land rather than resumes an unviable business. Objections concerning claim quantification, dividends, security and loans remain matters for claim adjudication and need not defeat revival. Changing the company's objects from textile operations to real-estate development is not prohibited where revival of the original business is commercially unviable. Negotiated workmen benefits materially support public-interest and commercial-morality assessment. Case-Laws Companies Law Wed, 02 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=798332