https://www.taxtmi.com/caselaws?id=100328 Where the Central Government had formed the statutory opinion after investigation under section 15A that the industrial undertaking could be restarted and that restart was needed for public supply, the High Court accepted that the jurisdictional requirement under section 18FA(1) was satisfied. Once those preconditions were met, section 18FA(2) was treated as mandatory, so the Court could not refuse takeover permission by preferring the sponsors' rival revival scheme on merits. The sponsors' proposal was also found commercially doubtful and unworkable, while the Government's takeover proposal was supported by the investigation material. Permission for takeover was therefore granted and the undertaking was directed to be handed over in accordance with the statutory procedure. en-us Mon, 14 Jun 1982 00:00:00 +0530 Tue, 31 Jan 2012 18:53:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100328 Where the Central Government had formed the statutory opinion after investigation under section 15A that the industrial undertaking could be restarted and that restart was needed for public supply, the High Court accepted that the jurisdictional requirement under section 18FA(1) was satisfied. Once those preconditions were met, section 18FA(2) was treated as mandatory, so the Court could not refuse takeover permission by preferring the sponsors' rival revival scheme on merits. The sponsors' proposal was also found commercially doubtful and unworkable, while the Government's takeover proposal was supported by the investigation material. Permission for takeover was therefore granted and the undertaking was directed to be handed over in accordance with the statutory procedure. Case-Laws Companies Law Mon, 14 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100328