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SICA repeal and abatement of rehabilitation proceedings barred further control over company assets; illegal share allotments and sales were struck down.
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After repeal of SICA and failure to approach the NCLT within the statutory period, pending BIFR/AAIFR proceedings abated and the earlier BIFR winding-up recommendation revived. GDCL, having only management rights and no ownership, had no authority to control or alienate JUL or JAIL assets, and the fresh share allotments in JAIL to GDCL group companies were illegal. Unauthorized sales were not validated; completed sales of the Kanpur Jute Mill and two JAIL properties were left undisturbed, but the scrap sale was set aside with refund and interest. The Court rejected reliance on Article 142 and legitimate expectation, directed time-bound verification and payment of workers' and provident fund dues, and treated the pending winding-up petition as infructuous.
After repeal of SICA and failure to approach the NCLT within the statutory period, pending BIFR/AAIFR proceedings abated and the earlier BIFR winding-up recommendation revived. GDCL, having only management rights and no ownership, had no authority to control or alienate JUL or JAIL assets, and the fresh share allotments in JAIL to GDCL group companies were illegal. Unauthorized sales were not validated; completed sales of the Kanpur Jute Mill and two JAIL properties were left undisturbed, but the scrap sale was set aside with refund and interest. The Court rejected reliance on Article 142 and legitimate expectation, directed time-bound verification and payment of workers' and provident fund dues, and treated the pending winding-up petition as infructuous.
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