Section 16(1) of the Sick
Industrial Companies (Special Provisions) Act, 1985, the Appellant company
was declared sick and ICICI was appointed as the Operating ... institution having
an interest in an industrial company is satisfied that the industrial
company has become sick, it may also make a reference
properties of the industrial company. The use of the
expression 'industrial company' as against 'sick industrial company' is
significant because there ... defeated by
isolated proceedings adopted against the guarantors of
a sick company. To achieve that purpose, it is
imperative that the expression "suit
SICA, 1985 was
enacted with the avowed object of identifying sick and potentially
sick companies and then try to revive and rehabilitate them. This ... sick company is assigned to a securitisation company or a
reconstruction company, then filing of a reference by the said sick
company before the BIFR
secured debts but also the
amount invested by them in the sick company has to be
returned to the petitioner at the option ... furnishing of proof that they
were recognized unions of the sick company. On 01.09.2009, the OA
furnished its report (hereafter "the first report
First Respondent informed the BIFR
that it is not a sick company and no directions can therefore be issued to
it. The BIFR held that ... which is as
under:
“(o) "sick industrial company" means an industrial company (being a company
registered for not less than five years) which
provisions of the SARFAESI Act would
override the provisions of the Sick Industrial Companies (Special
Provisions) Act, 1985 ("SICA, 1985"). He submitted that ... SICA, 1985 also provided for stay of all
proceedings against the sick industrial company that had preferred a
reference before the Board of Industrial
Section 16(1) of the Sick Industrial
Companies (Special Provisions) Act, 1985, the Appellant
company was declared sick and ICICI was appointed as the
Operating ... institution having
an interest in an industrial company is satisfied that
the industrial company has become sick, it may also
make a reference
lease
to the lessee company, it cannot be said that it is
property of the lessee company (sick industrial
undertaking) or it is covered under ... 2015, 42/2015 & 43/2015 Page 8 of 32
sick company. To achieve the purpose it is
imperative that the expression "Suit
lease
to the lessee company, it cannot be said that it is
property of the lessee company (sick industrial
undertaking) or it is covered under ... 2015, 42/2015 & 43/2015 Page 8 of 32
sick company. To achieve the purpose it is
imperative that the expression "Suit
lease
to the lessee company, it cannot be said that it is
property of the lessee company (sick industrial
undertaking) or it is covered under ... 2015, 42/2015 & 43/2015 Page 8 of 32
sick company. To achieve the purpose it is
imperative that the expression "Suit
