provisions of the Sick Industrial
Companies (Special provisions) Act, 1984 (SICA) vis-`-vis the Companies
Act, 1956 (1956 Act) is in question in this appeal ... rupees. There were
other secured and unsecured creditors also.
Proceedings under SICA
2
4. Respondent being unable to pay the dues made a reference
Sick
Industrial Companies (Special Provisions) Act, 1985 (for short, 'SICA').
Background Facts :
A sum of Rs.5,00,00,000 (Rupees five crores ... respondent in the meanwhile
made a reference under Section 15 of SICA to the Board for Industrial and
Financial Reconstruction (for short, 'the Board
Sick
Industrial Companies (Special Provisions) Act, 1985 (for short, 'SICA'). It
is not in dispute that virtually all its assets had been placed ... company in terms of sub-section (4) of
Section 20 of SICA and, thus, it was BIFR alone which could issue a
direction as regard
Sick industrial Companies (Special Provisions) Act, 1985 (for short 'SICA').
FACTS:
3. The admitted fact is that the appellant had committed default ... whether having regard to the provisions of Section 22(1) of the SICA, the recovery proceedings could be stayed in view of the decisions
Sick
Industrial Companies (Special Provisions) Act, 1985 (for short, 'SICA').
Background Facts :
A sum of Rs.5,00,00,000 (Rupees five crores ... respondent in the meanwhile
made a reference under Section 15 of SICA to the Board for Industrial and
Financial Reconstruction (for short, 'the Board
Sick Industrial Companies (Special Provisions) Act,
1985 (in short, 'SICA'), the petitioner company was declared a sick
company by the Board of Industrial ... revival scheme was approved by BIFR under
Section 17(2) of SICA. However, the said scheme could not succeed
mainly due to loss of export
interpreting sub-section (4) of Section 20 of SICA,
it was held :
"It is difficult to accept the submission of the
learned counsel appearing ... company declared to be sick in terms of the provisions
of SICA, continues to be sick unless it is directed to be
wound up. Till
Sick Industrial Companies (Special Provisions) Act, 1985 (for short,
'SICA') herein is possible is the core question involved in these appeals.
BACKGROUND FACTS ... Upon taking into consideration the provisions of the 1994
Amendment Act and SICA, it was held:
(i) State also has a stake in the mills
wherein
it, in no uncertain terms, held that SICA is a special statute and, thus,
overrides other acts like Companies Act, 1956 , stating ... SICA furthermore was enacted to secure the
principles specified in Article 39 of the
Constitution of India. It seeks to give effect to the
larger
Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the 'SICA'), the petitioner-company was declared a sick company by the Board ... winding up of the petitioner-company in terms of section 20 of SICA and forwarded the same to the High Court for necessary action
