https://www.taxtmi.com/caselaws?id=110370 A sale of a sick industrial company's assets made by the operating agency under a valid BIFR order before commencement of winding up was not void for want of leave of the Company Court, because section 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 authorised the sale and section 32 gave that scheme overriding effect over inconsistent provisions of the Companies Act, 1956. Section 537(1) therefore did not apply, as winding up had not yet commenced when the sale was authorised and conducted. The Court also held that the Company Court could not invalidate the sale on alleged inadequacy of valuation or publicity where the sale had been carried out under the Board's statutory directions and approved by it. en-us Wed, 02 Feb 2005 00:00:00 +0530 Mon, 16 Apr 2012 14:47:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110370 A sale of a sick industrial company's assets made by the operating agency under a valid BIFR order before commencement of winding up was not void for want of leave of the Company Court, because section 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 authorised the sale and section 32 gave that scheme overriding effect over inconsistent provisions of the Companies Act, 1956. Section 537(1) therefore did not apply, as winding up had not yet commenced when the sale was authorised and conducted. The Court also held that the Company Court could not invalidate the sale on alleged inadequacy of valuation or publicity where the sale had been carried out under the Board's statutory directions and approved by it. Case-Laws Companies Law Wed, 02 Feb 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110370