Industrial Reconstruction Bank of India Act,1984
Act No : 62
Section :
Power of High Court to authorise Reconstruction Bank to prepare schemefor reconstruction, etc., of industrial concern.
50. Power of High Court to authorise Reconstruction Bank to prepare scheme for reconstruction, etc., of industrial concern.- (1) Where any company, being an industrial concern, is being wound up by the High Court, and the High Court is of opinion that a scheme should be made for the reconstruction, revival or rehabilitation of such industrial concern, it may, by order, authorise the Reconstruction Bank to prepare, and submit to it, a scheme for such reconstruction, revival or rehabilitation of the industrial concern. (2) The Reconstruction Bank may, in pursuance of the order made by the court under, sub-section (1), prepare a scheme for the reconstruction, revival or rehabilitation of the industrial concern referred to in sub-section (1), and the scheme so made may contain all or any of the maters specified in sub-section (7) of section 49: 583 Provided that no such scheme shall provide for the amalgamation or merger of the company in liquidation or any undertaking owned by it with any other company, or any other undertaking owned by such other company, except on the authority of a special resolution passed by the members of that other company. (3) The High Court may, if it is satisfied, after considering the scheme prepared under sub-section (2), that the scheme ensures the reconstruction, revival or rehabilitation of the industrial concern which is a company being wound up by the court; and such reconstruction, revival or rehabilitation would ensure an increase in the production of goods needed by the community, approve the scheme with or without any modification and the scheme so approved shall have effect, notwithstanding anything to the contrary contained in any other provisions of this Act or any other law, or any agreement, award or other instrument for the time being in force.
