https://www.taxtmi.com/caselaws?id=254639 A company placed before the BIFR remains under the Board's exclusive supervisory jurisdiction until revival or winding up, so the Civil Court cannot declare that it has ceased to be sick or that the Board has lost jurisdiction on alleged supervening facts. Proceedings for recovery of money against such a company are barred during the statutory period unless the Board consents, and the company's asserted financial improvement does not lift that bar. Any transfer of company property without the Board's leave is subject to the Board's scrutiny, including the need for notice to the transferee and examination of necessity, adequacy of price and consequential relief. en-us Thu, 13 Nov 2014 00:00:00 +0530 Fri, 29 Sep 2017 15:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254639 A company placed before the BIFR remains under the Board's exclusive supervisory jurisdiction until revival or winding up, so the Civil Court cannot declare that it has ceased to be sick or that the Board has lost jurisdiction on alleged supervening facts. Proceedings for recovery of money against such a company are barred during the statutory period unless the Board consents, and the company's asserted financial improvement does not lift that bar. Any transfer of company property without the Board's leave is subject to the Board's scrutiny, including the need for notice to the transferee and examination of necessity, adequacy of price and consequential relief. Case-Laws Companies Law Thu, 13 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254639