Raheja Universal Limited vs Nrc Limited And Ors

The Supreme Court examined the applicability of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, in relation to Sections 53A and 54 of the Transfer of Property Act, 1882, determining that the provisions of the former Act override those of the latter in the context of sick industrial companies. The Court held that the agreement for sale between NRC Limited and Raheja Universal Limited was valid and enforceable despite the financial difficulties faced by NRC Limited, emphasizing the need for adherence to statutory provisions governing sick companies. The outcome affirmed the enforceability of the sale agreement and the obligations therein.