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[Cites 0, Cited by 0] [Section 40(7)] [Section 40] [Entire Act]

Union of India - Subsection

Section 40(7)(b) in The Industrial Reconstruction Bank Of India Act, 1984

(b)direct the sale of the attached property or the transfer of the management of the industrial concern to the Reconstruction Bank or to its nominee; and shall apply the proceeds of such sale for the discharge of the dues to the Reconstruction Bank and the residue of such proceeds, if any, shall be made over to the person entitled thereto in accordance with his rights and interests;