https://www.taxtmi.com/caselaws?id=755232 A pending reference under the sick industrial company law abates by operation of law when secured creditors representing not less than three-fourths in value of the amount outstanding take measures under the securitisation law. The appellate authority may examine abatement at the appeal stage because an appeal is a continuation of the original proceedings and the issue is a pure question of law. "Amount outstanding" refers to dues payable as reflected in the secured creditors' books, not the total amount originally borrowed. On that construction, the statutory threshold was satisfied and the declaration of abatement was upheld. en-us Thu, 28 Mar 2024 00:00:00 +0530 Wed, 10 Jul 2024 07:59:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755232 A pending reference under the sick industrial company law abates by operation of law when secured creditors representing not less than three-fourths in value of the amount outstanding take measures under the securitisation law. The appellate authority may examine abatement at the appeal stage because an appeal is a continuation of the original proceedings and the issue is a pure question of law. "Amount outstanding" refers to dues payable as reflected in the secured creditors' books, not the total amount originally borrowed. On that construction, the statutory threshold was satisfied and the declaration of abatement was upheld. Case-Laws Indian Laws Thu, 28 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755232