Industrial Finance Corporation Act, 1948
30C. Powers and duties of Directors.
Subject to the control of the Corporation, the 2*[Directors or Administrator] appointed under section 30A shall take such steps as may be necessary for the purpose of efficiently managing the business of the industrial concern and shall exercise such powers and have such duties as may be prescribed.
Without prejudice to the generality of the powers vested in them under sub-section (1), the 2*[Directors or Administrator] appointed under section 30A may, with the previous approval of the Corporation, make an application to a Court for the purpose of canceling or varying any contract of agreement entered into, at any time before the issue of the notified order under section 30A, between the industrial concern and any other person and the Court may, if satisfied after due inquiry that such contract or agreement had been entered into in bad faith and is detrimental to the interests of the industrial concern, make an order canceling or varying (either unconditionally or subject to such conditions as it may think fit to impose) that contract or agreement and the contract or agreement shall have effect accordingly.