DY. COMMERCIAL TAX OFFICER vs CORROMANDAL PHARMACEUTICALS .

The Supreme Court, while discussing the Sick Industrial Companies (Special Provisions) Act, 1985, highlighted the disconnect between the Act's protective measures for sick companies and the current liberalized economic policies of India. The Court emphasized the need for the Act to adapt to contemporary economic realities, particularly regarding the accountability of management for a company's sickness. It noted that the prolonged proceedings under Section 22 of the Act could lead to misuse and urged for necessary modifications to prevent unfair practices and protect public funds.