RAHEJA UNIVERSAL LIMITED vs NRC LIMITED

The Supreme Court examined the applicability of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, in relation to the Transfer of Property Act, 1882, specifically Sections 53A and 54. The Court held that the provisions of the Sick Industrial Companies Act override the Transfer of Property Act when dealing with the sale of assets of a sick company, thereby affirming the validity of the sale agreement between NRC Limited and Raheja Universal Limited. The judgment clarified the legal framework governing transactions involving sick industrial companies, emphasizing the need for compliance with the provisions of the 1985 Act.