https://www.taxtmi.com/caselaws?id=110854 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 does not bar a financier-owner's suit seeking injunction to prevent interference with repossession of machinery supplied under a hire purchase arrangement, because the action concerns the owner's property and not proceedings against the sick company's property. The statutory stay applies to winding up, execution, distress, recovery of money, enforcement of security, and similar proceedings against the sick company's assets, but not to repossession of hired machinery by its true owner. The stay granted by the court was therefore unsustainable and was set aside. en-us Tue, 27 Jun 2006 00:00:00 +0530 Wed, 18 Apr 2012 18:19:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110854 Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 does not bar a financier-owner's suit seeking injunction to prevent interference with repossession of machinery supplied under a hire purchase arrangement, because the action concerns the owner's property and not proceedings against the sick company's property. The statutory stay applies to winding up, execution, distress, recovery of money, enforcement of security, and similar proceedings against the sick company's assets, but not to repossession of hired machinery by its true owner. The stay granted by the court was therefore unsustainable and was set aside. Case-Laws Companies Law Tue, 27 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110854