Yash Deep Trexim Private Limted vs Namokar Vinimay Pvt Ltd And Ors

The Supreme Court upheld the applicability of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) to foreign companies registered in India under Section 591 of the Companies Act, 1956. The Court confirmed that the revival scheme framed by the Board for Industrial and Financial Reconstruction (BIFR) for Baranagore Jute Factory Plc. must be implemented, emphasizing the necessity of adhering to statutory provisions. The judgment clarified that the ongoing disputes among shareholders regarding the management of the company and its assets do not alter the legal obligations under SICA.