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2008 (12) TMI 407 - HIGH COURT OF UTTARAKHANDWinding up challenged - rehabilitation proposal denied - Held that:- The learned single judge should not have formed the opinion that "the finding recorded by the BIFR has been confirmed by the Appellate Authority, has become conclusive and thus this court does not require any interference", cannot be said to be justified. As we have discussed above, that several documents have been filed by the appellant-company in order to show that the numerous creditors of the appellant-company have been settled with and their dues liquidated in full, hence it would be just and proper to direct the Board to reconsider the matter afresh and if the financial position of the company has improved then this factor should be taken note of by the Board. The Board would accordingly reconsider the matter. If the Board comes to the conclusion that the company still requires to be subjected to winding up proceeding, then the Board shall also consider that the dues pertaining to the employees/workmen of the company are settled in full. The Board shall also reconsider the matter with regard to this fact as to whether the financial position of the company has improved. However, possession with regard to the property of the company will remain with the official liquidator till the matter is finally disposed of by the Board. After the matter is finally decided by the Board, if the Board comes to the conclusion that pos session should be delivered to the company in the interest of the parties, then it will be open for the Board to decide this question without seeking further direction from this court in this regard.
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