BIFR, AAIFR Not Competent To Issue Directions To Non-Sick Industrial Company: SC [Read Judgment]

Board can issue a direction not to dispose of assets only to a sick industrial company, the Court said.The Supreme Court in President J.K. Synthetics Mazdoor Union, Kota vs. Arfat Petrochemicals Pvt. Ltd., has reiterated that the Board for Industrial and Financial Reconstruction (BIFR) has no competence to issue directions under Section 22A of the Sick Industrial Companies (Special...