Section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) by the Board for Industrial and Financial Reconstruction (BIFR). A scheme was submitted ... operating agency as per Sections 17 and 18 of the SICA. There was some modification at the instance of BIFR. As per the said
Section 17 of the Sick Industrial Companies (Special Provisions) Act,1985 (SICA)
by the Board for Industrial and Financial Reconstruction (BIFR). A scheme was
submitted ... operating agency as per Section 17 and 18 of the SICA. There was some
modification at the instance of BIFR. As per the said
Sick Industrial Companies (Special Provisions) Act, 1985
(hereinafter referred as "the SICA Act") for declaring the company as "sick
company ... IDBI as its operational agency as per Section 17(3) of the SICA Act,
to examine the viability of settlement of the scheme
protection granted to the sick companies under Section 22 of the SICA against levy or execution or distress proceedings without consent of the BIFR ... have proceeded on the assumption that Section 22(1) of the SICA is implicitly applicable to the workers dues as well as their claims
protection granted to the sick companies under Section 22 of the SICA against levy or execution or distress proceedings without consent of the BIFR ... have proceeded on the assumption that Section 22(1) of the SICA is implicitly applicable to the workers dues as well as their claims
counsel that section 26 of Sick Industrial Companies (Special Provisions) Act,1985 (SICA) does not provide for bifurcation of the subject matter of action
become positive, the board
hereby discharges the company from the purview of
SICA with a proviso that the company shall
continue to implement the scheme
scheme that
may be formulated as per the provisions of the SICA Act."
4.The contention of the learned Special Government Pleader, by
placing
