https://www.taxtmi.com/caselaws?id=110899 Once a sick industrial company's reference is registered before the BIFR, the protective moratorium under sections 22 and 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies and bars winding up proceedings and coercive recovery steps. A settlement that may otherwise be enforceable like a decree cannot be executed through company proceedings so as to defeat the statutory stay. The rehabilitation objective of the sickness law prevails over equitable claims or execution powers, and recovery of the settled amount must await leave of the BIFR. The note therefore treats statutory protection under the sickness regime as overriding enforcement of the settlement pending rehabilitation. en-us Thu, 12 Oct 2006 00:00:00 +0530 Thu, 19 Apr 2012 11:02:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110899 Once a sick industrial company's reference is registered before the BIFR, the protective moratorium under sections 22 and 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 applies and bars winding up proceedings and coercive recovery steps. A settlement that may otherwise be enforceable like a decree cannot be executed through company proceedings so as to defeat the statutory stay. The rehabilitation objective of the sickness law prevails over equitable claims or execution powers, and recovery of the settled amount must await leave of the BIFR. The note therefore treats statutory protection under the sickness regime as overriding enforcement of the settlement pending rehabilitation. Case-Laws Companies Law Thu, 12 Oct 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110899