https://www.taxtmi.com/caselaws?id=281098 Section 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 vests sale of a sick company's assets in the BIFR after a winding-up recommendation, while provident fund dues under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 carry statutory priority and first charge. The provisions were read harmoniously, so recovery should ordinarily be routed through the Board. On the facts noted, the employer remained in default, the sale had already been completed in favour of a bona fide purchaser, and the writ challenge was rejected rather than upsetting a concluded transaction. The authorities were directed to seek Board ratification and apply the sale proceeds towards the provident fund dues. en-us Tue, 25 Mar 2014 00:00:00 +0530 Mon, 03 Jun 2019 20:13:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=281098 Section 20(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 vests sale of a sick company's assets in the BIFR after a winding-up recommendation, while provident fund dues under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 carry statutory priority and first charge. The provisions were read harmoniously, so recovery should ordinarily be routed through the Board. On the facts noted, the employer remained in default, the sale had already been completed in favour of a bona fide purchaser, and the writ challenge was rejected rather than upsetting a concluded transaction. The authorities were directed to seek Board ratification and apply the sale proceeds towards the provident fund dues. Case-Laws Companies Law Tue, 25 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=281098