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Section 424I – The Companies Act,1956

The Companies Act, 1956

424-I. Direction not to dispose of assets.

1[424-I. Direction not to dispose of assets.The Tribunal may, if it is of opinion, that any direction is necessary in the interest of the sick industrial company or creditors or shareholders or in the public interest, by order, direct such company not to dispose of, except with the prior approval of the Tribunal, any of its assets during the period of inquiry under section 424B or during the period of preparation or consideration of the scheme under section 424C.]

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1. Section 424-I ins. by Act 11 of 2003, sec. 47.

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The Companies Act, 1956

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