approval of BIFR as the company is now under the purview of
SICA.
(v) The company shall submit a copy of the clearance stated ... secured creditors are directed u/s 22(1) of SICA not
to take any coercive action against the company without prior
permission of BIFR
Sick Industrial Companies (Special
Provisions) Act, 1985 ( in short SICA).
3. The issue as to continuation of a suit filed against a sick company ... same suit is filed, no permission is required
under Section 22 of SICA. More particularly it is held that before Section 22
applies the proceedings
under Section 15 of the Sick
Industrial Companies (Special Provisions) Act, 1985 {SICA}. The
reference was still pending consideration when a second notice was
issued ... proceedings under the SARFAESI Act in view
of Section 22 of SICA which benefit was available even to the
guarantors. An additional plea was also
Sick
Industrial Companies (Special Provisions) Act, 1985
(hereinafter referred to as the „SICA‟), an unsecured creditor
has the option not to accept the scaled down ... rehabilitation of the respondent-Company was
approved on 8.4.2008 under the SICA. The dues of the unsecured
creditors was dealt with in para
Sick Industrial
Companies (Special Provisions) Act, 1985 (hereinafter referred
to as SICA) as no permission was sought by them under Section ... sick industrial company in terms of Section 3(1)(o) of SICA
vide order dated 19.4.2006. Counsel also submitted that during
the pendency
Sick Industrial Companies (Special Provisions) Act, 1985
(in short "the SICA") with the Board for Industrial and Financial
Reconstructions (in short ... filed before us, that an application under
Section 22(3) of the SICA was filed before the BIFR. In this application,
suspension of the contract
Sick Industrial Companies (Special Provisions) Act, 1985
(hereafter "SICA"). The second appeal (EFA 26/2011) is by Morgan
Securities Ltd (hereafter "Morgan ... Reconstruction (BIFR) declared Modi Rubbers Ltd a sick industrial
company under SICA and sanctioned a revival scheme 08.04.2008, which
was challenged by the Morgan Securities
them
pending for years and thus illegally enjoys the protection granted under SICA.
7. It is further averred that as Usha was enjoying the protection ... SICA,
it deliberately did not file any reference for the years 2004 and 2005, thereby
further showing that it was only interested in defeating/delaying
Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as 'SICA'). The assessee claimed deduction under section 43B of the Income ... facts of the case?
Secondly, whether the provisions of section 32 of SICA would override the effect on the provisions of section
8126/2011 Page 1 of 29
(hereinafter referred to as SICA) was notified on 08.01.1986 for revival of
Sick Companies owning industrial undertakings. The Central ... Government
under Section 4 of the SICA established a Board to be known as Board for
Industrial and Financial Reconstruction (hereinafter referred to as BIFR
