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of <h1>Section 10FP of Companies Act: Magistrate Can Seize Property of Sick Companies, Actions Unchallengeable in Court</h1> Section 10FP of the Companies Act, 1956, empowers the National Company Law Tribunal or an operating agency, as directed by the Tribunal, to request assistance from the Chief Metropolitan Magistrate or District Magistrate. This assistance involves taking custody of property, books, and documents of a sick industrial company. The Magistrate is required to take possession and entrust these to the Tribunal or agency. The Magistrate can use necessary force to ensure compliance, and actions taken under this section cannot be challenged in court or before any authority. This provision was inserted by the Companies (Second Amendment) Act, 2002.
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