https://www.taxtmi.com/caselaws?id=108030 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to suits and like proceedings against an industrial company, but a petition under Section 9 of the Arbitration and Conciliation Act, 1996 is only an interim measure in aid of arbitration and cannot be treated as a suit. The statutory bar therefore did not extend to the Section 9 petition for protection against invocation of a bank guarantee, and the stay application was not maintainable. The court also noted that the statute itself protected the company by restricting encashment of the bank guarantee without the Board's permission, so indefinite injunction was unwarranted. en-us Wed, 11 Jul 2001 00:00:00 +0530 Wed, 28 Mar 2012 14:15:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108030 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies to suits and like proceedings against an industrial company, but a petition under Section 9 of the Arbitration and Conciliation Act, 1996 is only an interim measure in aid of arbitration and cannot be treated as a suit. The statutory bar therefore did not extend to the Section 9 petition for protection against invocation of a bank guarantee, and the stay application was not maintainable. The court also noted that the statute itself protected the company by restricting encashment of the bank guarantee without the Board's permission, so indefinite injunction was unwarranted. Case-Laws Companies Law Wed, 11 Jul 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108030