https://www.taxtmi.com/caselaws?id=313947 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 does not bar every money recovery suit against a sick company. The statutory protection applies to proceedings in the nature of execution, distress, or similar coercive action that would interfere with formulation, consideration, finalisation, or implementation of a revival scheme. A simple suit for recovery of money, without any step directed at attachment or liquidation of assets, falls outside the mischief of the section. On that basis, prior consent of the BIFR/AAIFR was not required and the suit could proceed. en-us Tue, 16 Oct 2012 00:00:00 +0530 Thu, 09 May 2024 15:43:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313947 Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 does not bar every money recovery suit against a sick company. The statutory protection applies to proceedings in the nature of execution, distress, or similar coercive action that would interfere with formulation, consideration, finalisation, or implementation of a revival scheme. A simple suit for recovery of money, without any step directed at attachment or liquidation of assets, falls outside the mischief of the section. On that basis, prior consent of the BIFR/AAIFR was not required and the suit could proceed. Case-Laws Indian Laws Tue, 16 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313947