https://www.taxtmi.com/caselaws?id=104740 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was read as continuing to suspend winding up proceedings even after a winding up order, because a reference under section 15 triggers a deemed inquiry under section 16 and the statute bars proceedings from being "proceeded with further" while that inquiry is pending. The board of directors also retained residuary power to move the Board for Industrial and Financial Reconstruction after the winding up order, and that reference was not invalid or mala fide merely for being made at that stage. The appeal succeeded, the High Court order was set aside, and winding up proceedings were kept in abeyance pending the special statutory process. en-us Tue, 09 May 2000 00:00:00 +0530 Tue, 07 Oct 2025 13:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104740 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was read as continuing to suspend winding up proceedings even after a winding up order, because a reference under section 15 triggers a deemed inquiry under section 16 and the statute bars proceedings from being "proceeded with further" while that inquiry is pending. The board of directors also retained residuary power to move the Board for Industrial and Financial Reconstruction after the winding up order, and that reference was not invalid or mala fide merely for being made at that stage. The appeal succeeded, the High Court order was set aside, and winding up proceedings were kept in abeyance pending the special statutory process. Case-Laws Companies Law Tue, 09 May 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104740