https://www.taxtmi.com/caselaws?id=104290 The statutory schemes of the Sick Industrial Companies (Special Provisions) Act, 1985 and the Industries (Development and Regulation) Act, 1951 were treated as distinct. The former was described as a revival and rehabilitation framework for a financially sick company as a whole, while the latter was said to permit investigation and, with High Court permission, takeover or restart of a particular industrial undertaking even during winding-up proceedings. Section 32 of the 1985 Act was construed as overriding only while an SICA action or scheme remained pending or operative. Once the BIFR report recommending winding up had been submitted and proceedings had ended, that bar did not prevent consideration of action under the 1951 Act. en-us Thu, 16 Jul 1998 00:00:00 +0530 Tue, 28 Feb 2012 15:20:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104290 The statutory schemes of the Sick Industrial Companies (Special Provisions) Act, 1985 and the Industries (Development and Regulation) Act, 1951 were treated as distinct. The former was described as a revival and rehabilitation framework for a financially sick company as a whole, while the latter was said to permit investigation and, with High Court permission, takeover or restart of a particular industrial undertaking even during winding-up proceedings. Section 32 of the 1985 Act was construed as overriding only while an SICA action or scheme remained pending or operative. Once the BIFR report recommending winding up had been submitted and proceedings had ended, that bar did not prevent consideration of action under the 1951 Act. Case-Laws Companies Law Thu, 16 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104290