https://www.taxtmi.com/caselaws?id=226156 Until a winding up order is actually passed on the Board's recommendation under SICA, control over a sick industrial company's assets remains with the Board, and the Company Court cannot authorise or confirm their sale merely because a winding up petition is pending. Section 20(4) of SICA, with its non obstante clause, governs the sale of assets and distribution of proceeds, and this special regime prevails over the Companies Act provisions relied on by the respondents. The sale orders passed before winding up were therefore unsustainable and were set aside. en-us Mon, 11 Mar 2013 00:00:00 +0530 Fri, 19 Apr 2013 10:40:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=226156 Until a winding up order is actually passed on the Board's recommendation under SICA, control over a sick industrial company's assets remains with the Board, and the Company Court cannot authorise or confirm their sale merely because a winding up petition is pending. Section 20(4) of SICA, with its non obstante clause, governs the sale of assets and distribution of proceeds, and this special regime prevails over the Companies Act provisions relied on by the respondents. The sale orders passed before winding up were therefore unsustainable and were set aside. Case-Laws Companies Law Mon, 11 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=226156