Morgan Securities And Credit Pvt. Ltd. Ã ... vs Modi Rubber Ltd. Ã Ã Respondent

The Supreme Court addressed the interplay between the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and the Arbitration and Conciliation Act, 1996, emphasizing the binding nature of orders from the Company Court and the Appellate Authority for Industrial and Financial Reconstruction (A.A.I.F.R.). The Court criticized the High Court's decision to allow asset sales without proper consideration of existing orders under Section 22(3) of SICA, asserting that the High Court should have remitted the application to B.I.F.R. for a comprehensive decision. The judgment underscores the need for careful judicial scrutiny in cases involving industrial revival and creditor protection under SICA.