2001 (12) TMI 810 - HC - Companies Law

Summary

The High Court of Allahabad directed the winding up of a company declared sick by the Board under the Sick Industrial Companies (Special Provisions) Act, 1985. The Punjab National Bank was appointed as the operating agency. The company failed to turn its net worth positive, leading to the decision to wind it up in public interest. The Official Liquidator U.P. was appointed as the Liquidator, tasked with taking over company assets and accounts. Shri Anurag Khanna, representing ICCUP, had no objection to the winding up.