REALVALUE APPLIANCES LTD vs CANARA BANK

The Supreme Court held that once a reference is registered by the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985, the jurisdiction of the High Court to appoint a provisional liquidator is curtailed. The Court emphasized that the provisions of the Act must be followed, and the appointment of a receiver by the High Court was deemed inappropriate in light of the ongoing BIFR proceedings. Consequently, the appeals were allowed, and the orders of the High Court appointing a provisional liquidator were set aside.