Industries (Development ＆ Regulation) Act, 1951
Section - 18FD - Decision of Central Government in relation to managed company
[Decision of Central Government in relation to managed company.
18FD. (1) If, on receipt of the report submitted by the authorised person, the Central Government is satisfied:-
(2) Notwithstanding anything contained in sub-section (1), if, on rec .... To read the full section download the app from Google Play store
| (a) | - | in relation to the company owning the industrial undertaking, which is not being wound up by the High Court, that the financial condition and other circumstances of the company are such that it is not in a position to meet its current liabilities out of its current assets, that Government may, if it considers necessary or expedient in the interests of the general public so to do, by order, decide that the industrial undertaking should be sold as a running concern as provided in section 18FE and proceedings should simultaneously be started for the winding up, by the High Court, of the company; |
| (b) | - | in relation to the company, owning the industrial undertaking, which is being wound up by the High Court, that its assets and liabilities are such that in the interests of its creditors and contributories the industrial undertaking should be sold as a running concern as provided in section 18FE, it may, by order, decide accordingly. |
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