https://www.taxtmi.com/caselaws?id=254680 Section 22 of the Sick Industrial Companies (Special Provisions) Act was read purposively to protect a sick industrial company's assets from coercive recovery, so recovery applications under the Recovery of Debts Due to Banks and Financial Institutions Act were barred when they led to attachment, sale, or similar execution measures against those assets. In construing the two statutes harmoniously, the later recovery law was treated as subject to the earlier sickness-revival regime because its saving language preserved SICA's field of rehabilitation. The result is that coercive recovery against a sick company's properties cannot proceed while SICA protection subsists, unless the statutory process is concluded or consent is obtained. en-us Mon, 27 Oct 2014 00:00:00 +0530 Mon, 28 Aug 2017 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254680 Section 22 of the Sick Industrial Companies (Special Provisions) Act was read purposively to protect a sick industrial company's assets from coercive recovery, so recovery applications under the Recovery of Debts Due to Banks and Financial Institutions Act were barred when they led to attachment, sale, or similar execution measures against those assets. In construing the two statutes harmoniously, the later recovery law was treated as subject to the earlier sickness-revival regime because its saving language preserved SICA's field of rehabilitation. The result is that coercive recovery against a sick company's properties cannot proceed while SICA protection subsists, unless the statutory process is concluded or consent is obtained. Case-Laws Companies Law Mon, 27 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254680