https://www.taxtmi.com/caselaws?id=102191 Protection under the Sick Industrial Companies (Special Provisions) Act, 1985 was unavailable because the statutory reference mechanism had not been invoked: no reference under section 15(1) had been made and no inquiry under section 16 was pending, so the Act did not bar or defer the winding up proceedings. The court treated the language in section 15(2) as permissive, not mandatory, and held that the bank was not obliged to approach the Board before seeking winding up. The winding up order was upheld because the company had substantial liabilities, had ceased business for want of funds, and placed no viable rehabilitation or revival scheme before the court. en-us Fri, 01 Mar 1991 00:00:00 +0530 Tue, 14 Feb 2012 10:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102191 Protection under the Sick Industrial Companies (Special Provisions) Act, 1985 was unavailable because the statutory reference mechanism had not been invoked: no reference under section 15(1) had been made and no inquiry under section 16 was pending, so the Act did not bar or defer the winding up proceedings. The court treated the language in section 15(2) as permissive, not mandatory, and held that the bank was not obliged to approach the Board before seeking winding up. The winding up order was upheld because the company had substantial liabilities, had ceased business for want of funds, and placed no viable rehabilitation or revival scheme before the court. Case-Laws Companies Law Fri, 01 Mar 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102191