https://www.taxtmi.com/caselaws?id=109418 A sale notice based on proceedings under section 9 of the Arbitration and Conciliation Act, 1996 could not be challenged on the mistaken assumption that it arose from a BIFR order, so the writ and interim protection could not be sustained. Hired machinery under hire-purchase agreements remained the financier's property until all instalments were paid, and therefore did not form part of the sick company's estate. On that basis, section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 did not apply and BIFR had no jurisdiction to authorise sale of the machinery. The interim stay was set aside. en-us Wed, 10 Sep 2003 00:00:00 +0530 Mon, 09 Apr 2012 18:38:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109418 A sale notice based on proceedings under section 9 of the Arbitration and Conciliation Act, 1996 could not be challenged on the mistaken assumption that it arose from a BIFR order, so the writ and interim protection could not be sustained. Hired machinery under hire-purchase agreements remained the financier's property until all instalments were paid, and therefore did not form part of the sick company's estate. On that basis, section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 did not apply and BIFR had no jurisdiction to authorise sale of the machinery. The interim stay was set aside. Case-Laws Companies Law Wed, 10 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109418