https://www.taxtmi.com/caselaws?id=109368 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 imposes a statutory bar on the continuation of money recovery suits and allied proceedings against a sick industrial company while BIFR inquiry, scheme preparation, implementation, consideration, or appeal is pending, unless the Board or appellate authority consents. The text notes that where the debtor company is registered before the BIFR and the borrowing documents show that the debt was incurred for the company, a director or managing director who executed promissory notes on the company's behalf may also fall within that protection. On that basis, recovery proceedings were described as liable to be stayed and refusal of stay as unsustainable. en-us Wed, 18 Feb 2004 00:00:00 +0530 Mon, 09 Apr 2012 13:04:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109368 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 imposes a statutory bar on the continuation of money recovery suits and allied proceedings against a sick industrial company while BIFR inquiry, scheme preparation, implementation, consideration, or appeal is pending, unless the Board or appellate authority consents. The text notes that where the debtor company is registered before the BIFR and the borrowing documents show that the debt was incurred for the company, a director or managing director who executed promissory notes on the company's behalf may also fall within that protection. On that basis, recovery proceedings were described as liable to be stayed and refusal of stay as unsustainable. Case-Laws Companies Law Wed, 18 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109368