https://www.taxtmi.com/caselaws?id=111698 Section 22(3) of the Sick Industrial Companies (Special Provisions) Act, 1985 empowers the Board to suspend the operation of contracts, arbitral awards and related rights and liabilities when needed for implementation of a rehabilitation scheme. The provision is designed to prevent enforcement steps from defeating revival of the sick company, and the Act's overriding effect ensures that its remedial framework prevails in rehabilitation proceedings. An arbitral award, even if enforceable as a decree subject to challenge, and injunctive orders do not prevent the Board from permitting sale of the company's shares and directing that the proceeds be separately preserved for further directions. en-us Wed, 08 Jun 2005 00:00:00 +0530 Tue, 24 Apr 2012 17:25:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111698 Section 22(3) of the Sick Industrial Companies (Special Provisions) Act, 1985 empowers the Board to suspend the operation of contracts, arbitral awards and related rights and liabilities when needed for implementation of a rehabilitation scheme. The provision is designed to prevent enforcement steps from defeating revival of the sick company, and the Act's overriding effect ensures that its remedial framework prevails in rehabilitation proceedings. An arbitral award, even if enforceable as a decree subject to challenge, and injunctive orders do not prevent the Board from permitting sale of the company's shares and directing that the proceeds be separately preserved for further directions. Case-Laws Companies Law Wed, 08 Jun 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111698