JUDGMENT

Swatanter Kumar, J.-An interesting question of law as to the ambit and scope of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short, the `Act of 1985') and its overriding application over the provisions of Transfer of Property Act, 1882 (for short, the `Act of 1882'), with particular reference to Section 53A and Section 54 of the latter Act, arises for consideration in the present case. Reference to the basic facts which give rise to this proposition of law would be necessary and are as follows:

Facts:

2. NRC Limited is a company which was originally incorporated under the name and style of `National Rayon Corporation Limited' in the year 1946. However, subsequently, by an appropriate resolution of the Board of Directors, its name was changed to `NRC Limited' on 4th August, 1994 (hereinafter referred to as the `Respondent- Company'). The Respondent-Company was engaged in the manufacture of viscos filament yarn, chemicals and allied products with its factory at Mohane, Kalyan, District Thane. As per the facts on record, the Respondent-Company was declared a `sick industrial company' in the year 1987, but as its net worth turned positive, v