https://www.taxtmi.com/caselaws?id=104644 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 stays proceedings against a sick industrial company and covers suits for recovery of money, enforcement of security, and guarantees linked to loans or advances to that company. By contrast, under section 37 of the Negotiable Instruments Act, 1881, read with section 126 of the Indian Contract Act, 1872, the acceptor of a bill of exchange is treated as a principal debtor, not a guarantor. The statutory bar therefore does not extend to independent liability of the acceptor and persons sued in that capacity. en-us Mon, 14 Feb 2000 00:00:00 +0530 Wed, 29 Feb 2012 18:13:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104644 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 stays proceedings against a sick industrial company and covers suits for recovery of money, enforcement of security, and guarantees linked to loans or advances to that company. By contrast, under section 37 of the Negotiable Instruments Act, 1881, read with section 126 of the Indian Contract Act, 1872, the acceptor of a bill of exchange is treated as a principal debtor, not a guarantor. The statutory bar therefore does not extend to independent liability of the acceptor and persons sued in that capacity. Case-Laws Companies Law Mon, 14 Feb 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104644