2001 (12) TMI 811 - HC - Companies Law

Summary

The High Court of Allahabad received an opinion from BIFR to wind up the sick company Magnesite & Minerals Ltd. as it failed to turn its net worth positive despite revival schemes. The Official Liquidator is appointed to take over assets and issue notices to directors. PICUP is directed to hand over assets to the Official Liquidator for further proceedings under the Companies Act. An Assets Sale Committee is formed for the sale of assets with proceeds to be deposited for distribution as per the Companies Act.