Dr. D.Y. Chandrachud, J.

A company application under Section 466 of the Companies Act, 1956 was made before the Company Court by the Appellants seeking a permanent stay of an order of winding up passed by the Company Judge on 5 September 2005, by which the Svadeshi Mills Company Limited had been ordered to be wound up. Certain consequential reliefs were sought. The learned Company Judge by a judgment dated 14 October 2011 held that no ground enabling the exercise of the discretion under Section 466 has been made out and dismissed the application. The order of the Company Judge has been called in question in appeal.

2. The Svadeshi Mills Company Limited was incorporated under Act VI of 1882 and for a period of ten decades operated a composite textile mill with spinning, weaving and processing sections for the manufacture of cotton, synthetic, interlining and non-woven fabrics. In 1997, a petition for winding up was filed by Ralli Brothers & Coney, a company incorporated under the laws of the UK. Several other petitions for winding up were filed. In February 1998, the company made a reference to the BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 wh