Section 42(1) in The Industrial Reconstruction Bank Of India Act, 1984
(1)When the management of an industrial concern is taken over by the Reconstruction Bank, that Bank may, by order, notified in the Official Gazette, appoint as many persons as it thinks fit,--(a)in any case in which the industrial concern is a company, as defined in the Companies Act, 1956 (5 of 1986) to be the directors of that industrial concern; or(b)in any other case, to be the administrator of that industrial concern.
