https://www.taxtmi.com/caselaws?id=111564 A creditor's winding up petition could not be instituted or proceeded with while rehabilitation proceedings were pending before the Board for Industrial and Financial Reconstruction for a sick industrial company. The statutory scheme under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, read with the bar in Section 22(1), required the Board's sanction before any such petition could be maintained. As no permission had been sought, the petition was held not maintainable. Section 22(5) was also noted for its effect on limitation during the pendency of proceedings under the Act. en-us Tue, 25 Apr 2006 00:00:00 +0530 Tue, 24 Apr 2012 11:17:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111564 A creditor's winding up petition could not be instituted or proceeded with while rehabilitation proceedings were pending before the Board for Industrial and Financial Reconstruction for a sick industrial company. The statutory scheme under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, read with the bar in Section 22(1), required the Board's sanction before any such petition could be maintained. As no permission had been sought, the petition was held not maintainable. Section 22(5) was also noted for its effect on limitation during the pendency of proceedings under the Act. Case-Laws Companies Law Tue, 25 Apr 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111564