Bank Actions Against Guarantors Not Protected u/s 22(1) of Sick Industrial Companies Act, 1985.

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....Protection u/s 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 - If the action filed by the respondent bank in the nature of ‘proceedings’ and not a ‘suit’, protection under Section 22(1) would not be available, especially, when the appellants are guarantors - SC....