https://www.taxtmi.com/caselaws?id=106326 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was applied to bar continuation of suit and execution proceedings for recovery and enforcement of a guarantee where reference concerning the principal industrial company was pending before the BIFR. The protection was treated as extending not only to the sick company but also to proceedings against its guarantor when the decree arose from the guaranteed loan or advance. Prior consent of the Board was required before such proceedings could continue, and the pendency of an application to set aside an ex parte decree did not remove the statutory embargo. en-us Mon, 20 May 2002 00:00:00 +0530 Tue, 13 Mar 2012 16:48:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106326 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was applied to bar continuation of suit and execution proceedings for recovery and enforcement of a guarantee where reference concerning the principal industrial company was pending before the BIFR. The protection was treated as extending not only to the sick company but also to proceedings against its guarantor when the decree arose from the guaranteed loan or advance. Prior consent of the Board was required before such proceedings could continue, and the pendency of an application to set aside an ex parte decree did not remove the statutory embargo. Case-Laws Companies Law Mon, 20 May 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106326