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
whether it will be advancing the public policy keeping in view commercial morality to order winding up. Whether it will be just and equitable ... wishes of creditors.
The element of public policy in regard to commercial morality has likewise to be taken into consideration when the propriety
some time, whether it is commercially insolvent. For the purpose of finding commercial insolvency, a mere look into the financial data is relevant to examine ... assets.
(18) The element of public policy in regard to commercial morality has, likewise, to be taken into account before determining the winding up issue
Valerius Industries vs Union Of India on 28 August, 2019
Equivalent citations: AIRONLINE 2019 GUJ
question whether the court should or should not consider the commercial insolvency of the company at the admission stage would be intimately connected with ... allowed to be in existence in the broader interests of commercial morality. The petitioning creditor would be well within his rights in arguing that just
considerations of more lasting importance, like public or commercial morality, the court may refuse to accept the verdict of the majority. It may also refuse
court is invested with a wide jurisdiction in the interests of commercial morality; and if the facts disclose a strong prima facie case for investigation
they will test the need on
the basis of public and commercial morality." There must
therefore exist circumstances which in the opinion
satisfactory working.
(d) The scheme does not offend public or commercial morality.
(e) The scheme is not detrimental to the interest of the creditors
they will test the need on
the basis of public and commercial morality." There must
therefore exist circumstances which in the opinion
