https://www.taxtmi.com/caselaws?id=458832 Under the Sick Industrial Companies (Special Provisions) Act, 1985, coercive recovery against a sick industrial company's properties is barred while a reference is pending, inquiry is underway, or a rehabilitation scheme is in preparation, unless the Board or Appellate Authority consents. The protection under section 22 operates automatically to preserve assets for revival, and the fact that the dues were excise-related did not displace the statutory prohibition. Accordingly, attachment of the company's properties during the pendency of the rehabilitation process was impermissible and liable to be quashed, leaving the company to proceed in accordance with law after obtaining the requisite permission. en-us Fri, 09 Jun 2006 00:00:00 +0530 Mon, 18 Nov 2024 14:58:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458832 Under the Sick Industrial Companies (Special Provisions) Act, 1985, coercive recovery against a sick industrial company's properties is barred while a reference is pending, inquiry is underway, or a rehabilitation scheme is in preparation, unless the Board or Appellate Authority consents. The protection under section 22 operates automatically to preserve assets for revival, and the fact that the dues were excise-related did not displace the statutory prohibition. Accordingly, attachment of the company's properties during the pendency of the rehabilitation process was impermissible and liable to be quashed, leaving the company to proceed in accordance with law after obtaining the requisite permission. Case-Laws Companies Law Fri, 09 Jun 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458832