M/S Ngef Ltd vs M/S Chandra Developers Pvt. Ltd. & Anr

The Supreme Court upheld the Karnataka High Court's decision affirming the Company Judge's order allowing Chandra Developers Pvt. Ltd. to execute a deed of sale for 40.45 acres of land from NGEF Ltd. under the Sick Industrial Companies (Special Provisions) Act, 1985. The Court found that the resolution passed by the Board of Directors constituted a concluded contract, despite objections regarding the company's winding-up proceedings. The judgment clarified the applicability of SICA in facilitating asset sales for reviving sick companies, thereby reinforcing the legal framework for such transactions.