https://www.taxtmi.com/caselaws?id=111857 SICA was treated as a special, self-contained code governing inquiry, revival, amalgamation and asset disposition for sick industrial companies, and its overriding scheme controlled the field when proceedings were pending before BIFR or AAIFR. In that setting, the Company Court could not entertain or approve a merger or revival scheme under section 391 of the Companies Act, 1956 if it would trench upon matters reserved to the statutory fora; the Company Court's approval was therefore unsustainable. The approvals granted by BIFR and AAIFR were also set aside because the proposal had not received independent, reasoned consideration in accordance with SICA, and the matter was remitted to BIFR for fresh consideration. en-us Fri, 16 May 2008 00:00:00 +0530 Wed, 23 Aug 2017 17:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111857 SICA was treated as a special, self-contained code governing inquiry, revival, amalgamation and asset disposition for sick industrial companies, and its overriding scheme controlled the field when proceedings were pending before BIFR or AAIFR. In that setting, the Company Court could not entertain or approve a merger or revival scheme under section 391 of the Companies Act, 1956 if it would trench upon matters reserved to the statutory fora; the Company Court's approval was therefore unsustainable. The approvals granted by BIFR and AAIFR were also set aside because the proposal had not received independent, reasoned consideration in accordance with SICA, and the matter was remitted to BIFR for fresh consideration. Case-Laws Companies Law Fri, 16 May 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111857