https://www.taxtmi.com/caselaws?id=112069 A sick industrial company that has made a reference under section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 cannot maintain a petition under sections 391 to 394 of the Companies Act, 1956 for a scheme of arrangement or compromise while the reference remains pending. The special Act creates an exhaustive rehabilitation framework under the control of the Board for Industrial and Financial Reconstruction, and parallel company court proceedings would produce conflicting control over assets and competing schemes. The Act also prevails over the Companies Act to the extent of inconsistency because it is a later, special, overriding code for revival and rehabilitation of sick industrial companies. The company petition was therefore held not maintainable. en-us Fri, 25 Jan 2008 00:00:00 +0530 Thu, 28 May 2020 13:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112069 A sick industrial company that has made a reference under section 15 of the Sick Industrial Companies (Special Provisions) Act, 1985 cannot maintain a petition under sections 391 to 394 of the Companies Act, 1956 for a scheme of arrangement or compromise while the reference remains pending. The special Act creates an exhaustive rehabilitation framework under the control of the Board for Industrial and Financial Reconstruction, and parallel company court proceedings would produce conflicting control over assets and competing schemes. The Act also prevails over the Companies Act to the extent of inconsistency because it is a later, special, overriding code for revival and rehabilitation of sick industrial companies. The company petition was therefore held not maintainable. Case-Laws Companies Law Fri, 25 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112069