GRAND VIEW ESTATES PVT LTD vs BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION AND 5 ORS.

Judgment text excerpt

2026:BHC-OS:5434 IA-6953-2025 (f).doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INTERIM APPLICATION NO. 6953 OF 2025 IN COMPANY PETITION NO. 385 OF 2002 Grand View Estates Private Limited ...Applicant In the matter of : Board for Industrial and Financial Reconstruction...Petitioner Versus The Official Liquidator of the Swadeshi Mills Company Limited (in liqn.) and Others ...Respondents —————— Mr. Janak Dwarkadas, Senior Advocate a/w Mr. Shansh Sengupta, Mr. Siddharth Ranade, Ms. Nishi Bhankharia, Mr. Vedant Kumar, Mr. Gaurav Jain, Ms. Neeraja Barve i/b M/s. Trilegal for Applicant. Dr. Virag Tulzapurkar, Senior Advocate a/w Ms. Vaishnavai Dhure i/b mr. Amir Arsiwala for Respondent No. 2. Mr. Cyrus Ardeshir, Senior Advocate i/b Mr. Yash Jariwala for Respondent No. 3. Mr. Mohit Khanna, Mr. Pranav Narsaria and Mr. Tejas Popat i/b Mr. Pravin Patil for Respondent Nos. 4 and 5. Mr. Ranjeev Carvalho, Ms. Apurva Thipsay for Official Liquidator. —————— Coram : Sharmila U. Deshmukh, J. Reserved on : 12th December, 2025. Pronounced on : 23rd February, 2026. Judgment : 1. A Company ordered to be wound up by order dated 5th September, 2005, is sought to be revived by the Applicant after earlier This judgment is modified in accordance with order dated 27th February, 2026. Sairaj 1 of 76 IA-6953-2025 (f).doc two failed attempts. The Applicant and the Respondent No. 2, are part of Shapoorji Pallonji Group and together own about 52% share holding of Swadeshi Mills Company Ltd-the Company (in liquidation), and has filed the present Application invoking powers under Section 466 of the Companies Act, 1956 [for short, “Companies Act”] seeking stay of the winding-up order dated 5th September, 2005 passed by this Court and for other consequential reliefs. 2