TaxTMI 
TaxTMI 
TaxTMI 
2016 (12) TMI 1560
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....pany incorporated under the provisions of Companies Act. The Director of the company is authorized by Board as per resolution dated 16.3.2015 to file this application. The respondent no.1/Company was doing the job work, manufacturing yarn on supply of raw material by the applicant. The respondent no.1/Company represented through respondent nos.2 and 3 approached to applicant, stating transformer required for manufacture of yarn at Pithampur has become very old, which needs immediate replacement. The applicant under the threat of losing the facility of manufacturing operations agreed to install 12.5 MVA transformer at their own cost in the premises of respondent no.1 situated at Plot No.432, Sector-III, Industrial Area, Pithampur, District D....
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...., learned counsel for the respondents has stated across the Bar that they are going to file reply today. This Court observed, in case reply is not filed, his right to file reply shall be closed and it was ordered to be listed for today. On 23.11.2016, reply has been filed on behalf of respondent no.1 only and not for Chairman and Managing Director (respondent nos.2 and 3 herein) without filing any affidavit in support thereto. In the reply, the aforesaid two conditions have been elaborated and document Annexure A/1 i.e. reference of registration as made in the reply to notice dated 3.10.2013 under the provisions of SICA Act has been filed. In view of the aforesaid facts, it is apparent that despite ample opportunities, reply has not been fi....
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.... be held in accordance with the arbitration and conciliation Act, 1996 at Indore or the statutory modification thereof and the decision of this Arbitrator shall be final and binding on both the parties." 6. In reply to the notice, the agreement between applicant and respondents has not been disputed but it is merely said that interpretation placed with respect to the MOU is incorrect. In addition to the same, the plea of registration with the BIFR under SICA Act has been placed on record to deny the appointment of Hon'ble Mr. Justice P.D. Mule (Retd.). In view of the aforesaid, Section 22 of SICA Act is relevant wherein the legal proceeding under the contract can be suspended, however, Section 22(1) is relevant, which is reproduced as unde....
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....preceding words, namely 'for execution', 'distress' which means that the proceedings which are contemplated in this category are proceedings whereby recovery of dues is sought to be made by way of execution, distress or similar proceedings against the property of the Company." It is, thus, apparent from the wording of Section 22(1) and the above decisions of this Court that the proceedings covered under Section 22 are the proceedings of coercive nature, be that legal or otherwise, which would come within the purview of expression 'proceedings' as mentioned in the Section but it would not cover all proceedings. Section 22 (1) incorporated certain types of proceedings which would fall within its ambit and which are the proceedings for win....
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....he Corporation would take legal measures to recover its outstanding dues from each guarantor. It was contended by the guarantors that in view of Section 22(1) of SICA, the Corporation could not enforce its demand against the appellants under the permission of BIFR is obtained. This Court has drawn a distinction between the proceedings taken up under the U.P. Public Moneys (Recovery of Dues) Act, 1972 and a suit contemplated under Section 22 of SICA. This Court has held in Kailash Nath Agarwal (supra) that having regard to the judicial interpretation of the word 'suit', it is difficult to accede to the submission of the appellants that the word 'suit' in Section 22(1) of SICA means anything other than some form of curial process and the Cour....
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.... which has been implemented w.e.f today vide the Gazette of India Extraordinary, Ministry of Finance (Department of Financial Services) Notification New Delhi, the 25th November, 2016 of the Central Government. As per Section 5 under the saving clause nothing has been saved which runs contrary to the aforesaid legal position to which any benefit may be derived by the respondents. 9. In view of the foregoing, it is concluded that the first objection raised by the respondents is devoid of any merit, hence repelled. Another objection is with respect to not agreeing on the name for appointment of Hon'ble Mr. Justice P.D. Mule (Retd.). Therefore, it is apparent that respondent is not agreeing on the name of arbitrator proposed by the applicant.....