Sick Industrial Companies (Special Provisions) Act, 1985 : DIRECTION NOT TO DISPOSE OF ASSETS Indian Bare

Sick Industrial Companies (Special Provisions) Act, 1985,1986

Act No : 1

Section : DIRECTION NOT TO DISPOSE OF ASSETS

SECTION 22A: DIRECTION NOT TO DISPOSE OF ASSETS

The Board may, if it is of opinion that any direction is necessary in the interest of the sick industrial company or creditors or shareholders or in the public interest, by order in writing direct the sick industrial company not to dispose of, except with the consent of the Board, any of its assets-

(a) during the period of preparation or consideration of the scheme under section 18-; and

(b) during the period beginning with the recording of opinion by the Board for winding up of the company under sub-section (1) of section 20-and up to commencement of the proceedings relating to the winding up before the concerned High Court.]