https://www.taxtmi.com/caselaws?id=112341 A pending reference before the BIFR triggers the statutory bar under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, preventing a winding up petition under the Companies Act, 1956 from being proceeded with. The creditor must participate in the BIFR proceedings and await the outcome of the reference rather than pursue winding up action in parallel. The document also notes that prolonged pendency can prejudice creditors, so the BIFR should decide such references expeditiously and in accordance with law. en-us Mon, 09 Jan 2006 00:00:00 +0530 Fri, 27 Apr 2012 16:52:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112341 A pending reference before the BIFR triggers the statutory bar under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985, preventing a winding up petition under the Companies Act, 1956 from being proceeded with. The creditor must participate in the BIFR proceedings and await the outcome of the reference rather than pursue winding up action in parallel. The document also notes that prolonged pendency can prejudice creditors, so the BIFR should decide such references expeditiously and in accordance with law. Case-Laws Companies Law Mon, 09 Jan 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112341