https://www.taxtmi.com/caselaws?id=105445 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as not barring arbitral proceedings in the manner argued, and an insolvency notice founded on an award against a guarantor was held maintainable. The court noted that the applicant had not challenged the award under section 34 of the Arbitration and Conciliation Act, 1996, and accepted that the statutory protection could extend to suits against guarantors but not to execution proceedings against them. An insolvency notice was characterised as an independent proceeding, and invalidity of the underlying award was not a ground for setting it aside under the Presidency Towns Insolvency Act. The challenge was rejected. en-us Tue, 19 Jun 2001 00:00:00 +0530 Mon, 05 Mar 2012 16:48:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105445 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as not barring arbitral proceedings in the manner argued, and an insolvency notice founded on an award against a guarantor was held maintainable. The court noted that the applicant had not challenged the award under section 34 of the Arbitration and Conciliation Act, 1996, and accepted that the statutory protection could extend to suits against guarantors but not to execution proceedings against them. An insolvency notice was characterised as an independent proceeding, and invalidity of the underlying award was not a ground for setting it aside under the Presidency Towns Insolvency Act. The challenge was rejected. Case-Laws Companies Law Tue, 19 Jun 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105445