Bombay High Court Rejects Revival Proposal for Swadeshi Mills, Upholds Winding Up

The Bombay High Court rejected a revival proposal by Grand View Estates, a Shapoorji Pallonji Group firm, seeking to stay the winding up of Swadeshi Mills, a defunct textile company in liquidation for over two decades. Justice Sharmila Deshmukh ruled the plan was a 'backdoor attempt' to gain control of the mill's valuable 48-acre land for real estate redevelopment, rather than a genuine effort to revive operations. Swadeshi Mills was founded in 1890 and has been under liquidation since 2005 following financial decline and creditor actions.