Supreme Court of India · 2000-05-09
M/S. RISHABH AGRO INDUSTRIES LTD. vs P.N.B. CAPITAL SERVICES LTD.
- Citation / case number
- SC 1998/11530
- Court
- Supreme Court of India
- Petitioner
- M/S. RISHABH AGRO INDUSTRIES LTD.
- Respondent
- P.N.B. CAPITAL SERVICES LTD.
- Author
- M B SHAH,,R.P. SETHI.
- Bench
- M B SHAH,,R.P. SETHI.
Judgment text excerpt
The Supreme Court upheld the High Court's decision regarding the winding up of the appellant-company under Section 433(e) & (f) and Section 434 of the Companies Act, 1956, finding that the company was unable to pay its debts. The Court ruled that the application under Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was misconceived as no proceedings under the Act were pending at the time of the winding up order. Consequently, the appeal was dismissed, affirming the winding up order.