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of <h1>Company Declared Sick Industrial Company, Indian Overseas Bank Appointed Operating Agency, Interim Injunction Made Absolute</h1> The High Court of Judicature at Madras declared a company as a Sick Industrial Company under the Sick Industrial Companies (Special Provisions) Act, 1985. ... Stay of demand The High Court of Judicature at Madras declared a company as a Sick Industrial Company under the Sick Industrial Companies (Special Provisions) Act, 1985. Indian Overseas Bank was appointed as an Operating Agency for conducting a viability study and preparing a rehabilitation scheme. Section 22 of the Act suspended any claims against the company. The court made the interim injunction absolute, allowing W.M.P. Nos. 10857 and 10859 of 2001 and dismissing W.V.M.P. No. 22713 of 2001.
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