NGEF Ltd. was a joint venture company that became sick and was referred to the Board for Industrial and Financial Reconstruction (BIFR) under SICA. The company sought to sell its ... surplus lands to pay off debts and wages. Chandra Developers Pvt. Ltd. submitted a bid for purchasing land, which was accepted by the company's Board of Directors. However, the sale was contested, leading to legal proceedings regarding the jurisdiction of the Company Court and BIFR.