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2012 (10) TMI 233 - SC - Companies LawSick Industrial Companies - BIFR - overriding application over the provisions of Transfer of Property Act - Respondent-Company was declared a 'sick industrial company' – Company dispose of the surplus land and payment of the sale consideration in instalments - Possession of land was given to appellant in part performance of sale agreement - all instalments were not paid - BIFR passed its order and fixed cut-off date and issued directions that sale of land will require BIFR's prior approval - Appellant argued that they had interest in land by virtue of agreement and, therefore, their interests were duly protected under Transfer of Property Act as provisions of Transfer of Property Act would prevail – Held that:- scheme for rehabilitation or restructuring of a sick industrial company undertaken by a specialized body like the BIFR/AAIFR should, as far as legally permissible, remain obstruction free and the events should take place as pre-ordained, during consideration and successful implementation of the formulated scheme - jurisdiction is vested in BIFR/AAIFR to issue directives, declarations and prohibitory orders within the rationalized scope and limitations prescribed under Section 22(1), 22(3) and 22A of the Act of 1985. Provisions of Sick Industrial Companies (Special Provisions) Act, 1985 shall have precedence and overriding effect over the provisions of Transfer of Property Act, 1882.
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