Section 7(1) in The Bist Industrial Corporation, Limited (Acquisition of Undertaking) Act, 1970
(1)Where it appears to the State Government that the making of any contract relating to the undertaking under which the company has or will have or may have liabilities was not reasonably necessary of the purpose of the activities of the Company or has not been entered into in good faith, the State Government may within twp years from the commencement of this Act, apply to the court for relief from the contract, and the court if satisfied after making such inquiry in the matter as it thinks fit that the contract was not reasonably necessary for the purposes of the activities of the Company or has not been entered into in good faith, may make an order cancelling or varying the contract on such terms as it may think fit to impose, and the contract shall thereupon cease to have effect or, as the case may be, shall have effect subject to such variation.
