2002 (4) TMI 867

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....rade tax due against the writ petitioners since 1994-95 to 1996-97. 2. The contention of Sri Manish Goyal learned counsel for petitioner is that there is automatic suspension of the proceedings under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as "The Act") and as such complying with the said section 22, the notice being in the nature of a distress proceeding, the notice should be stayed. It is, however, on record that all stages of inquiry and other proceedings before the Board of Industrial and Financial Reconstruction are over and learned counsel for petitioner also cannot dispute that the matter has been sent to the High Court under the relevant provisions of the said Act and wi....

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....ng anything contained in sub-section (2) or sub-section (3), the Board may cause to be sold the assets of the sick industrial company in such manner as it may deem fit and forward the sale proceeds to the High Court for orders for distribution in accordance with the provisions of section 529A, and other provisions of the Companies Act, 1956 (1 of 1956)." 3. The fact remains that proceedings for winding up of the sick industrial company under section 20 is pending in Delhi High Court. That itself shows that all proceedings by way of inquiry or otherwise were already concluded in the Board of Industrial and Financial Reconstruction. The first and foremost contention of Mr. Goyal is that there is automatic suspension under section 22 of the....