https://www.taxtmi.com/caselaws?id=100428 Once permission is granted under Section 18FA of the Industries (Development and Regulation) Act, 1951 for takeover of a sick industrial undertaking, the High Court cannot entertain or examine a competing scheme of compromise or arrangement under Section 391 of the Companies Act, 1956. The statutory scheme treats the Government's takeover power as mandatory where the conditions for permission are satisfied, and the court has no discretion to prefer an alternative arrangement. Where the undertaking is under winding up supervision, the Government must first obtain the court's permission under the relevant provisions, and that permission carries overriding effect for the proposed takeover. en-us Tue, 17 Aug 1982 00:00:00 +0530 Wed, 01 Feb 2012 15:46:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100428 Once permission is granted under Section 18FA of the Industries (Development and Regulation) Act, 1951 for takeover of a sick industrial undertaking, the High Court cannot entertain or examine a competing scheme of compromise or arrangement under Section 391 of the Companies Act, 1956. The statutory scheme treats the Government's takeover power as mandatory where the conditions for permission are satisfied, and the court has no discretion to prefer an alternative arrangement. Where the undertaking is under winding up supervision, the Government must first obtain the court's permission under the relevant provisions, and that permission carries overriding effect for the proposed takeover. Case-Laws Companies Law Tue, 17 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100428