https://www.taxtmi.com/caselaws?id=108504 A pending reference before the BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 prevents substantive winding-up adjudication under the Companies Act, 1956 when section 22 applies. The court noted that although the petitions were based on inability to pay debts, they could not proceed on merits while the company remained under BIFR inquiry. It also recognised that creditors may be permitted to participate in the BIFR proceedings so their financial claims are considered, and their right to revive or file fresh winding-up proceedings may be preserved if the reference is rejected. en-us Tue, 11 Mar 2003 00:00:00 +0530 Sat, 31 Mar 2012 18:43:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108504 A pending reference before the BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 prevents substantive winding-up adjudication under the Companies Act, 1956 when section 22 applies. The court noted that although the petitions were based on inability to pay debts, they could not proceed on merits while the company remained under BIFR inquiry. It also recognised that creditors may be permitted to participate in the BIFR proceedings so their financial claims are considered, and their right to revive or file fresh winding-up proceedings may be preserved if the reference is rejected. Case-Laws Companies Law Tue, 11 Mar 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108504