company application could not be allowed since it was contrary to
commercial morality and public interest.
7 Learned Senior Counsel for the Appellants submits that ... commercial wisdom of the members (3/4 th
of them in value) and would still consider the aspects of commercial morality and
public interest
question of the
application lacking in bonafides or being opposed to commercial
morality. The public interest is also subserved inasmuch as 52% of the
shareholding ... creditors is not enough; (5)
Court will consider the interest of commercial morality and not
merely the wishes of the creditors and contributories; (6)
Court
application was not bona
fide and in public interest and lacked commercial morality for the
reason that the Applicants are seeking to acquire the land ... Samiti (supra) , the three-fold tests
laid down i.e. commercial morality, bona fide intent and public interest
has been satisfied in present case
creditors is not enough; (5)
Court will consider the interest of commercial morality and
not merely the wishes of the creditors and contributories; (6)
Court ... also whether
the stay will be conducive or detrimental to commercial
morality and to the interest of the public at large; (10) before
making
Company under liquidation had
overtones of public interest and commercial morality and in
the context of what had transpired in this case and the
involvement ... such a proposal also satisfies the element of
public interest and commercial morality, the elements
required to be satisfied for the court to stop
that it
will sub-serve public interest and will conform
to commercial morality, the court cannot
accept a scheme proposed under Section ... find no
incongruity in looking into aspects of public
interest, commercial morality and the bona
fide intention to revive a Company while
considering whether
with the scheme, and the element of
public interest and the commercial morality, as
sanctioning the scheme would result in stopping or
recalling
with the scheme, and the element of
public interest and the commercial morality, as
sanctioning the scheme would result in stopping or
recalling
Shreekishan Omprakash vs The Official Liquidator on 5 August, 2022
Author: Prakash Shrivastava
Bench: Prakash
find no incongruity in looking into
aspects of public interest, commercial morality and the bona fide
intention to revive a company while considering whether ... whether such revival is in public interest
and conforms to commercial morality.
52.
We cannot understand the decision in Miheer H. Mafatlal Vs. Mafatlal
Industries
