https://www.taxtmi.com/caselaws?id=110087 Sections 391 and 394 of the Companies Act, 1956 were treated as operating in a different but overlapping sphere from the Sick Industrial Companies (Special Provisions) Act, 1985. A pending reference before the BIFR did not, by itself, suspend company court proceedings for compromise, arrangement or reconstruction, because section 22 was read as not barring such petitions and section 32 was held to override only where an actual inconsistency existed. As both enactments aimed at corporate viability and could be read as supplemental, the company court retained jurisdiction to sanction the scheme notwithstanding the BIFR reference. The restructuring petitions were therefore maintainable and the scheme was approved. en-us Wed, 08 Jun 2005 00:00:00 +0530 Fri, 13 Apr 2012 16:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110087 Sections 391 and 394 of the Companies Act, 1956 were treated as operating in a different but overlapping sphere from the Sick Industrial Companies (Special Provisions) Act, 1985. A pending reference before the BIFR did not, by itself, suspend company court proceedings for compromise, arrangement or reconstruction, because section 22 was read as not barring such petitions and section 32 was held to override only where an actual inconsistency existed. As both enactments aimed at corporate viability and could be read as supplemental, the company court retained jurisdiction to sanction the scheme notwithstanding the BIFR reference. The restructuring petitions were therefore maintainable and the scheme was approved. Case-Laws Companies Law Wed, 08 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110087