Does the Central Board's power under Section 11B of the EPF & MP Act to waive damages for a sick industrial company survive the repeal of SICA?

EPF & MP Act, 1952 — s.14B — s.7Q — s.11B — s.11(2) — SARFAESI Act, 2002 — Recovery of damages — Discretion to levy penalty — First charge — Reference to larger Bench — EPF & MP Act, 1952 — s.14B — Discretion to levy penalty — Held: Discretion under Section 14B on whether to levy damages at all, not merely on their quantum, survives the 1988 amendment. A coordinate Bench's contrary view that imposition is automatic is doubted and referred to a larger Bench. (¶14, 16) EPF & MP Act, 1952 — s.11(2) — SARFAESI Act, 2002 — First charge prevails — Held further: A first charge under Section 11(2) of the EPF & MP Act overrides the priority conferred by Sections 35, 13 and 26-E of the SARFAESI Act. A mere priority cannot prevail over a first charge. (¶3) EPF & MP Act, 1952 — s.11B — Waiver of damages, sick industrial company — Held further: The Central Board's power under the Second Proviso to Section 11B to waive or reduce damages survives the repeal of SICA. It may extend to a Resolution Plan under the Insolvency and Bankruptcy Code akin to a BIFR rehabilitation scheme. (¶6) EPF & MP Act — s.7Q — Reference to larger Bench — Held further: Pending the larger Bench's ruling, the appellants shall pay the EPF & MP Act dues with Section 7Q interest in four quarterly instalments, without prejudice to seeking waiver from the Central Board. The matter stands referred to a larger Bench. (¶17, 19)