https://www.taxtmi.com/caselaws?id=194902 A later reference under the Sick Industrial Companies regime is barred where, before the reference is made, a securitisation or reconstruction company has acquired the financial assets under the 2002 Act. The first proviso to section 15(1) operates independently of the second proviso, which concerns abatement of a pending reference after measures under section 13(4) are taken by secured creditors holding at least three-fourths in value. Because the debt had already been assigned, the reference was not maintainable and protection under section 22 could not be invoked. The winding up petition was also found properly admitted and advertised on the basis of an undisputed debt and non-compliance with the interim deposit direction. en-us Fri, 20 Jul 2012 00:00:00 +0530 Mon, 09 Oct 2017 08:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194902 A later reference under the Sick Industrial Companies regime is barred where, before the reference is made, a securitisation or reconstruction company has acquired the financial assets under the 2002 Act. The first proviso to section 15(1) operates independently of the second proviso, which concerns abatement of a pending reference after measures under section 13(4) are taken by secured creditors holding at least three-fourths in value. Because the debt had already been assigned, the reference was not maintainable and protection under section 22 could not be invoked. The winding up petition was also found properly admitted and advertised on the basis of an undisputed debt and non-compliance with the interim deposit direction. Case-Laws Indian Laws Fri, 20 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194902