34. (1) Where any industrial concern which is under a liability to the Bank under an agreement makes any default in payment or otherwise fails to comply with the terms of its agreement with the Bank, the Bank may, notwithstanding anything contained in Article 33, take over the management and administration of the industrial concern, and may sell or realise any property pledged, mortgaged, hypothecated or assigned by the industrial concern to secure its liability to the Bank.
(2) Any transfer of property made by the Bank in exercise of its powers of sale or realisation under clause (1 ) shall vest in the transferee all rights in or to the property transferred as if the sale had been made by the owner of the property, and such transfer shall be final and binding on all the parties.
(3) The Bank shall have the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of any security held by it as it has with respect to the original goods.
(4) Where the Bank takes over the management and administration of an industrial concern under clause (1), it shall be deemed to be the owner of such concern for the purposes of suit by or against such concern, and shall sue and be sued in the name of the said concern.
[(5) Where the Bank takes over the management and administration of an industrial concern under clause (1) or transfers any property in exercise of its powers of sale or realisation under that clause, such taking over or transfer shall not be called in question in or before any Court, and no Court shall-
(a) entertain any suit, application or other legal proceeding-
(i) for a declaration that such taking over or transfer is illegal, ineffective or void, or
(ii) for setting aside or annulling any order or decision of the Bank relating to such taking over or transfer, or
(iii) for an order of injunction or any other order prohibiting or restraining the Bank or any of its officers from such taking over or transfer; or
(b) issue, make or pass any order of ad-interim or temporary injunction or any other Order prohibiting or restraining the Bank or any of its officers from such taking over or transfer.
(6) Where any certificate is issued by the Bank to the effect that it has taken over the management and administration of an industrial concern or transferred any property under clause (1), such certificate shall be conclusive evidence of the fact that the management and administration of such industrial concern has been taken over or such property transferred under that clause.]
