Section 26(1) in The Gujarat Sick Textile Undertakings (Nationalisation) Act, 1986
(1)Every contract entered into by the owner or occupier of the sick textile undertaking for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of one hundred and eighty days from the date on which the Gujarat Sick Textile Undertakings (Nationalisation) Ordinance, 1986 was first published in the Official Gazette cease to have effect unless such contract is, before the expiry of that period, ratified, in writing by the Corporation and in ratifying such contract the Corporation may, with the previous approval of the State Government , make such alteration or modification therein as it may think fit:Provided that the Corporation shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interest of the textile undertaking.
