Bombay High Court Allows Revival of Svadeshi Mills After 21 Years; Says Workers’ ₹223-Crore Settlement and Redevelopment Plan Serve Public Interest and Commercial Morality
Facts
Svadeshi Mills Company Limited had been ordered to be wound up on 5 September 2005. More than two decades later, Grand View Estates Pvt. Ltd., together with Forbes & Co. Ltd., sought a permanent stay of the winding-up under Section 466 of the Companies Act, 1956 and revival of the company. Grand View and Forbes together held 53.25% of the share capital, while Grand View also claimed to be a secured creditor through an assigned recovery certificate.
The company’s principal remaining asset was approximately 48 acres of land at Sion, Mumbai. Grand…