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HC Vacates Stay on Winding Up of Swadeshi Mills Co
Hindustan Times Pune
|January 23, 2025
The Bombay high court has lifted the stay on the winding up of 120-year-old defunct Swadeshi Mills Company Limited, a 48 acres Sion prime property, and directed the Official Liquidator to immediately take control of the company's assets, which were reportedly under the management of two Shapoorji Pallonji Group firms, a real estate company.
MUMBAI:
An Official Liquidator is an officer appointed by the Central Government to oversee the winding up of a company. They are attached to High Courts and are responsible for carrying out the duties outlined in the Companies Act.
A division bench comprising justices MS Sonak and Jitendra Jain overturned a single judge's order from 9 October 2023, which had temporarily halted the winding-up process. This earlier order was based on a conditional directive from 21 December 2022, requiring Grand View Estates Private Limited, a Shapoorji Pallonji Group company, to deposit ₹240 crore in court.
This story is from the January 23, 2025 edition of Hindustan Times Pune.
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