Lawgist32FRestriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
1[32F. Restriction on filing of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over.-- (1) Where the management of an industrial concern not being a company as defined in the Companies Act, 1956 (1 of 1956) is taken over by the Financial Corporation, no suit or proceedings for dissolution or for partition shall, insofar as it relates to that industrial concern, lie in any court or before any tribunal or other authority except with the consent of the Financial Corporation.
(2) No proceeding for the appointment of any official assignee or receiver in relation to any industrial concern the management of which has been taken over by the Financial Corporation shall lie in any court except with consent of the Financial Corporation.]
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1. Ins. by Act 56 of 1956, s. 17 (w.e.f. 1-10-1956).
- 24 General duty of the Board
- 25 Business which Financial Corporation may transact
- 25A Power to acquire rights
- 25B Gifts, grants, etc
- 26 Limit of accommodation
- 27 Power to impose conditions for accommodation
- 28 Prohibited business
- 29 Rights of Financial Corporation in case of default
- 30 Power to call for repayment before agreed period
- 31 Special provisions for enforcement of claims by Financial Corporation
- 32 Procedure of district judge in respect of applications under section 31
- 32A Power of Financial Corporation to appoint directors or administrators of an industrial concern when management is taken over
- 32B Effect of notified order under section 32A
- 32C Powers and duties of directors and administrators
- 32D No right to compensation for termination of contract of managing agent, managing director, etc
- 32E Application of Act 1 of 1956
- 32F Restriction on tiling of suite for dissolution, etc., of an industrial concern not being a company when its management is taken over
- 32G Recovery of amounts due to the Financial Corporation as an arrear of land revenue
