M/S.Rishabh Agro Industries Ltd vs P.N.B. Capital Services Ltd

The Supreme Court upheld the winding up order of the appellant-company under Section 433(e) & (f) and Section 434 of the Companies Act, 1956, affirming the High Court's decision that no proceedings under the Sick Industrial Companies (Special Provisions) Act, 1985 were pending at the time of the winding up order. The Court ruled that the application under Section 22 of the Act was misconceived as the winding up proceedings could not be stayed based solely on a reference to the Board for Industrial and Financial Reconstruction. Consequently, the appeal was dismissed, confirming the winding up of the company.