https://www.taxtmi.com/caselaws?id=108794 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as a bar only to recovery proceedings in the nature of a suit for recovery against a guarantor. Where the petitioners faced a recovery certificate and demand based on their personal guarantee, and not a suit, the statutory protection was held inapplicable. The text also notes that staying recovery against guarantors would not further rehabilitation of the sick industrial company, which is the object of the statute. On that basis, the challenge to the impugned recovery proceedings failed. en-us Fri, 16 Aug 2002 00:00:00 +0530 Tue, 03 Apr 2012 18:39:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108794 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was treated as a bar only to recovery proceedings in the nature of a suit for recovery against a guarantor. Where the petitioners faced a recovery certificate and demand based on their personal guarantee, and not a suit, the statutory protection was held inapplicable. The text also notes that staying recovery against guarantors would not further rehabilitation of the sick industrial company, which is the object of the statute. On that basis, the challenge to the impugned recovery proceedings failed. Case-Laws Companies Law Fri, 16 Aug 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108794