https://www.taxtmi.com/caselaws?id=108205 Section 22(1) of SICA imposes a statutory moratorium on winding-up and other coercive proceedings while a section 16 inquiry is pending, a scheme is under preparation or consideration, a sanctioned scheme is under implementation, or an appeal is pending. The provision is meant to protect the sick industrial company and preserve the rehabilitation process from creditor action. The analysis also states that the bar is not confined to claims expressly reflected in the sanctioned scheme and operates unless the Board's consent is obtained. Winding-up is treated as a discretionary remedy that should be channelled through the BIFR framework. en-us Thu, 15 May 2003 00:00:00 +0530 Fri, 30 Mar 2012 14:48:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108205 Section 22(1) of SICA imposes a statutory moratorium on winding-up and other coercive proceedings while a section 16 inquiry is pending, a scheme is under preparation or consideration, a sanctioned scheme is under implementation, or an appeal is pending. The provision is meant to protect the sick industrial company and preserve the rehabilitation process from creditor action. The analysis also states that the bar is not confined to claims expressly reflected in the sanctioned scheme and operates unless the Board's consent is obtained. Winding-up is treated as a discretionary remedy that should be channelled through the BIFR framework. Case-Laws Companies Law Thu, 15 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108205