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Suit for recovery of dues - Jurisdictional bar on the civil court in deciding the suit instituted by the original plaintiff by virtue of Section 22(1) of the Sick Industrial Companies Act, 1985 (SICA) - The Supreme Court determined that since the suit was initiated while Fertilizer Corporation was considered a sick company under SICA, the proceedings should have been suspended unless permitted by BIFR (Board for Industrial and Financial Reconstruction). This finding implies that the trial and subsequent proceedings might not have adhered to statutory requirements under SICA, affecting the legitimacy of Coromandel’s claim in the absence of such permission. - The Court evaluated the legitimacy of the 24% compound interest awarded by the lower court in favor of Coromandel.
Suit for recovery of dues - Jurisdictional bar on the civil court in deciding the suit instituted by the original plaintiff by virtue of Section 22(1) of the Sick Industrial Companies Act, 1985 (SICA) - The Supreme Court determined that since the suit was initiated while Fertilizer Corporation was considered a sick company under SICA, the proceedings should have been suspended unless permitted by BIFR (Board for Industrial and Financial Reconstruction). This finding implies that the trial and subsequent proceedings might not have adhered to statutory requirements under SICA, affecting the legitimacy of Coromandel’s claim in the absence of such permission. - The Court evaluated the legitimacy of the 24% compound interest awarded by the lower court in favor of Coromandel.
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