https://www.taxtmi.com/caselaws?id=189663 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was construed to bar suits and other proceedings for enforcement of guarantees given in respect of loans or advances granted to an industrial company, because a guarantor is distinct from the principal debtor and the statutory protection extends to such third-party guarantees. The earlier Division Bench ruling was treated as confined to execution proceedings and not as deciding the independent question of suits on guarantees, so its observations were not binding on that point. The pending proceedings were consequently directed to be transferred to the Debt Recovery Tribunal, and the enforcement action could not continue without the requisite consent. en-us Mon, 26 Jul 1999 00:00:00 +0530 Mon, 16 Jan 2017 18:08:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189663 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 was construed to bar suits and other proceedings for enforcement of guarantees given in respect of loans or advances granted to an industrial company, because a guarantor is distinct from the principal debtor and the statutory protection extends to such third-party guarantees. The earlier Division Bench ruling was treated as confined to execution proceedings and not as deciding the independent question of suits on guarantees, so its observations were not binding on that point. The pending proceedings were consequently directed to be transferred to the Debt Recovery Tribunal, and the enforcement action could not continue without the requisite consent. Case-Laws Companies Law Mon, 26 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189663