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(g) In International Coach Builders' case (supra) it was held that the power and right under Section 29 of the SFCA is an independent right which can be exercise without any reference to the Companies Act. Moreover, the SFCA is a special Act and by virtue of Section 46(B) of SFCA which contains the non- obstante clause which overrides the provisions of the Companies Act.

(h) The property was correctly valued at Rs. 10 crores. The earlier assets of the companies had been valued at Rs. 8,42,43,000/- and since the appellant company had contended that the valuation was on the lowest side the learned Single Judge by an order dated 24th March 2004 directed the respondents to get the entire assets revaluated by appointed by appointing an approved valuer. Therefore, a fresh valuation of the assets was carried out by the Mr. J. S. Lamba, Senior Consultant, North Indian Technical Consultancy Organization Ltd. and a fresh valuation report valuing entire assets at Rs. 10 crores which was specifically noted in the order dated 5th April 2004 in the presence of the counsel for the appellant. The valuation submitted by the appellant by one Sh. Harjinder Kohli and Associates, which valued the property at Rs. 78,13,51,000/- was clearly a procured document and hence could not have been relied upon. The said Chartered Accountant have themselves admitted that they are not a firm of approved Chartered Valuers and hence they were not the technical persons who could claim any expertise in evaluating the appellant's unit. Further, even if according to the appellant the property was being sold for a sum below its actual value, it was open to the appellant to bring a bidder who could offer a more than 12.5 crores.