Sick Textile Undertaking - Law Dictionary Search Results
Home Dictionary Name: sick textile undertakingSick textile undertaking
Sick textile undertaking, industry remaining closed for a period of not less than three months before the appointed day is a 'sick textile undertaking', Bijli Cotton Mills (P) Ltd. v. Union of India, AIR 1987 SC 244 (245): (1986) 4 SCC 184. [Sick Textile Undertakings (Taking over Mangement) Act, 1972 s. 2(d)(ii)]...
Winding-up
Winding-up, the process by which an insolvent estate is distributed, as far as it will go, amongst the persons having claims upon it. The term is most frequently applied to the winding-up of joint-stock companies.The property of a company is collected and distributed firstly in discharge of its liabilities, and secondly, among its members according to their respective rights with a view to its dissolution. If the assets are not sufficient to meet the liabilities, a company is usually wound up by the Court. In other cases the winding-up is usually voluntary and conducted by the company itself either with or without the supervision of the Court. The provisions of the (English) Companies Act, 1929, govern a winding-up in any of these three modes (s. 156). In any winding-up the members who may be called upon to contribute are ascertained and their liability determined under ss. 157-162; see CONTRIBUTORIES. Debts and claims of all kinds require to be proved and if not of certain value to be...
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