2002 (9) TMI 757 - HC - Companies Law

Summary

The judgment pertains to a company petition seeking winding up of a company named Hope Textiles Limited. The petitioner alleged non-payment of a debt by the company. The respondent argued that it is in the process of being declared a 'sick company' under SICA and that a rehabilitation scheme is underway to address creditor claims. The court found no merit in the petition, stating that since the BIFR has determined the respondent as a sick company, there is no need to consider winding up. The petition was dismissed.