https://www.taxtmi.com/caselaws?id=105388 Section 22 of SICA was construed narrowly as a stay provision protecting the sick industrial company, its properties, and covered guarantors, but not its directors or officers. The Court held that directors and officers cannot be treated as guarantors merely because they control or manage the company, since the company remains a separate legal person. The statutory bar was applied strictly and not extended by implication to recovery proceedings, investigation, or criminal action against directors and officers. Protection under section 22 was therefore unavailable to them. en-us Tue, 27 Mar 2001 00:00:00 +0530 Mon, 05 Mar 2012 15:24:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105388 Section 22 of SICA was construed narrowly as a stay provision protecting the sick industrial company, its properties, and covered guarantors, but not its directors or officers. The Court held that directors and officers cannot be treated as guarantors merely because they control or manage the company, since the company remains a separate legal person. The statutory bar was applied strictly and not extended by implication to recovery proceedings, investigation, or criminal action against directors and officers. Protection under section 22 was therefore unavailable to them. Case-Laws Companies Law Tue, 27 Mar 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105388