Hindustan Motors Ltd. v. Board of Industrial and Financial Reconstruction - (High Court of Delhi) (28 Sep 2015)

Hindustan Motors continues to roll on its last cylinder

MANU/DE/2860/2015

SICA

Hindustan Motors was granted reprieve against an order of the Board for Industrial and Financial Reconstruction restraining it from disposing of its assets without the consent of the Board. The Court noted that HM was not given an opportunity to be heard prior to the Board’s injunction and no formal order was passed; only a printed notice was issued at the hearing. The Board’s order preventing HM from disposing of its property without consent was quashed.

Relevant : Section 22A Sick Industrial Companies (Special Provisions) Act, 1985 Act U.P. State Sugar Corpn. Ltd. vs. U.P. State Sugar Corpn. Karamchari Assn. and Ors. MANU/SC/0723/1995

Tags : HINDUSTAN MOTORS SICK COMPANY FORMAL ORDER