M/S.MEGHAL HOMES PVT. LTD. vs SHREE NIWAS GIRNI K.K. SAMITI .

The Supreme Court addressed appeals concerning the winding up of M/s Shreeniwas Cotton Mills Limited under Section 433 of the Companies Act. The Court held that the proposed revival scheme lacked bona fides and viability, as it failed to disclose the company's financial status and was aimed at acquiring valuable land at a low price. The Division Bench's decision to set aside the Company Court's order for convening a meeting to consider the scheme was upheld, emphasizing the need for a proper viability report before any revival efforts could be sanctioned.