Rose Textiles India Ltd. (RTIL) is a company engaged in the business of textiles manufacturing. Due to the global slowdown, the business of RTIL has been badly affected. The members of the company have taken a decision f
CS Professional · Corporate Restructuring, Valuation and Insolvency · PYQS · June 2014
Rose Textiles India Ltd. (RTIL) is a company engaged in the business of textiles manufacturing. Due to the global slowdown, the business of RTIL has been badly affected. The members of the company have taken a decision for winding-up the company without consulting creditors of the company. One of the creditors representing 25% of the total outstanding liability objected to the company's proposal on the ground that the consent of creditors is mandatory and by not doing so, company's winding-up proposal is bad in law. Give your comments keeping in view the provisions of the Companies Act, 1956.
Topics: Insolvency
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