https://www.taxtmi.com/caselaws?id=110447 Section 22(1) of the Sick Industrial Companies Act, 1985 was confined to winding up, execution, distress and comparable coercive recovery proceedings against a sick company's property, so it did not automatically stay a company's own petition for sanction of a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956. A petition under section 391 was also not a winding up proceeding merely because section 392(2) permits winding up later if an approved arrangement fails. The stay order was set aside and the company petition was remitted for decision on merits. en-us Mon, 12 Jul 2004 00:00:00 +0530 Mon, 16 Apr 2012 18:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110447 Section 22(1) of the Sick Industrial Companies Act, 1985 was confined to winding up, execution, distress and comparable coercive recovery proceedings against a sick company's property, so it did not automatically stay a company's own petition for sanction of a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956. A petition under section 391 was also not a winding up proceeding merely because section 392(2) permits winding up later if an approved arrangement fails. The stay order was set aside and the company petition was remitted for decision on merits. Case-Laws Companies Law Mon, 12 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110447