https://www.taxtmi.com/caselaws?id=103181 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 bars winding-up proceedings against a sick industrial company while an inquiry under section 16 is pending or a scheme under section 17 is under preparation, consideration or implementation, unless the Board grants consent. Where the company had already been declared sick before the winding-up petition was filed, prior consent of the Board was mandatory. The provision operates as a protective statutory scheme that postpones creditor remedies rather than extinguishing them, so a petition filed without such consent was not maintainable and had to be dismissed. en-us Wed, 13 Oct 1993 00:00:00 +0530 Tue, 21 Feb 2012 12:35:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103181 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 bars winding-up proceedings against a sick industrial company while an inquiry under section 16 is pending or a scheme under section 17 is under preparation, consideration or implementation, unless the Board grants consent. Where the company had already been declared sick before the winding-up petition was filed, prior consent of the Board was mandatory. The provision operates as a protective statutory scheme that postpones creditor remedies rather than extinguishing them, so a petition filed without such consent was not maintainable and had to be dismissed. Case-Laws Companies Law Wed, 13 Oct 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103181