https://www.taxtmi.com/caselaws?id=110424 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 was construed broadly to suspend not only coercive recovery actions, but also proceedings affecting the assets, liabilities, securities, or guarantees of a sick industrial company while a reference is pending or under consideration. Applying that interpretation, the High Court held that a company petition for sanction of a modified demerger scheme under sections 391 to 394 of the Companies Act, 1956 could not continue when the company's BIFR reference had already been made and registered. The petition had to remain in abeyance because proceeding with the scheme would fall within the statutory embargo. en-us Thu, 10 Jun 2004 00:00:00 +0530 Mon, 16 Apr 2012 17:12:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110424 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 was construed broadly to suspend not only coercive recovery actions, but also proceedings affecting the assets, liabilities, securities, or guarantees of a sick industrial company while a reference is pending or under consideration. Applying that interpretation, the High Court held that a company petition for sanction of a modified demerger scheme under sections 391 to 394 of the Companies Act, 1956 could not continue when the company's BIFR reference had already been made and registered. The petition had to remain in abeyance because proceeding with the scheme would fall within the statutory embargo. Case-Laws Companies Law Thu, 10 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110424