https://www.taxtmi.com/caselaws?id=213699 Land covered by an incomplete and conditional agreement for sale remained an existing asset of the sick company because title had not passed by conveyance and the company continued to treat the property as part of its assets. Section 22A of SICA therefore applied, and the Board could restrain disposal of the land in the interest of rehabilitation and stakeholders; the contrary view was unsustainable. Section 22(3) was also broad enough to let the Board suspend, adapt, and regulate existing contractual arrangements for sale where required for revival. The Appellate Authority's order was quashed and the Board's order restoring control over the transaction was upheld. en-us Fri, 29 Jul 2011 00:00:00 +0530 Mon, 11 Feb 2013 16:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213699 Land covered by an incomplete and conditional agreement for sale remained an existing asset of the sick company because title had not passed by conveyance and the company continued to treat the property as part of its assets. Section 22A of SICA therefore applied, and the Board could restrain disposal of the land in the interest of rehabilitation and stakeholders; the contrary view was unsustainable. Section 22(3) was also broad enough to let the Board suspend, adapt, and regulate existing contractual arrangements for sale where required for revival. The Appellate Authority's order was quashed and the Board's order restoring control over the transaction was upheld. Case-Laws Companies Law Fri, 29 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213699