Court : Mumbai
Reported in : 2005(1)ALLMR289; 2004(6)BomCR60; 2004(4)MhLj908; [2005]59SCL560(Bom)
..... of expert judges. the bill received the assent of the president of india on 8.1.1986 and became the sick industrial companies (special provisions) act, 1985.8. the act therefore was legislated with the sole purpose of securing timely detection of sick and potentially sick companies owing industrial undertakings, the speedy determination by a board of experts to undertake preventive, ameliorative, remedial and other measures in respect ..... acquisition officer (14), pune in respect of lands owned an acquisition by the company, the acquisition by the company itself being done under the land acquisition act, 1894.2. the petitioner-company has been declared as sick industrial unit as per the provisions of the sick industrial companies (special provisions) act, 1985 hereinafter referred to as 'sica' on 31.3.97.3. in may, 1998 collector, pune published in .....
Tag this Judgment!Court : Supreme Court of India
..... stipulating absolute prohibition against assignment and transfer of interest of a statutory tenant and in particular, the purport of section 22 of the sick industrial companies (special provisions) act, 1985 regarding suspension of legal proceedings etc. in the present case, it is not an assignment or transfer of interest ..... viable; and whereas the central government has taken initiative to revive certain sick undertakings including the national textile corporation under a revival scheme sanctioned by the board for industrial and financial reconstruction under the sick industrial companies (special provisions) act, 1985; and whereas it is necessary for the proper ..... sector undertakings or any corporation established by or under any central or state act, or foreign missions, international agencies, multinational companies, and private limited companies and public limited companies having a paid up share capital of more than rupee one crore or more. explanation. for the purpose of this clause .....
Tag this Judgment!Court : Supreme Court of India
..... stipulating absolute prohibition against assignment and transfer of interest of a statutory tenant and in particular, the purport of section 22 of the sick industrial companies (special provisions) act, 1985 regarding suspension of legal proceedings etc. in the present case, it is not an assignment or transfer of interest ..... viable; and whereas the central government has taken initiative to revive certain sick undertakings including the national textile corporation under a revival scheme sanctioned by the board for industrial and financial reconstruction under the sick industrial companies (special provisions) act, 1985; and whereas it is necessary for the proper ..... sector undertakings or any corporation established by or under any central or state act, or foreign missions, international agencies, multinational companies, and private limited companies and public limited companies having a paid up share capital of more than rupee one crore or more. explanation. for the purpose of this clause .....
Tag this Judgment!Court : Supreme Court of India
..... stipulating absolute prohibition against assignment and transfer of interest of a statutory tenant and in particular, the purport of section 22 of the sick industrial companies (special provisions) act, 1985 regarding suspension of legal proceedings etc. in the present case, it is not an assignment or transfer of interest ..... viable; and whereas the central government has taken initiative to revive certain sick undertakings including the national textile corporation under a revival scheme sanctioned by the board for industrial and financial reconstruction under the sick industrial companies (special provisions) act, 1985; and whereas it is necessary for the proper ..... sector undertakings or any corporation established by or under any central or state act, or foreign missions, international agencies, multinational companies, and private limited companies and public limited companies having a paid up share capital of more than rupee one crore or more. explanation. for the purpose of this clause .....
Tag this Judgment!Court : Supreme Court of India
Reported in : IV(2008)BC421(SC); 153(2008)DLT27(SC); 2008(12)SCALE42; (2008)9SCC763
..... the provisions of the act or the rules made thereunder would be in addition to and not in derogation of, certain statutes indicated therein, including the sick industrial companies (special provisions) act, 1985. it is, therefore, clear that while the rddb act would have an over-riding effect over other enactments, its provisions ..... a finding that the recovery of debts due to banks and financial institutions act, 1993, would have an overriding effect over other enactments. since the sick industrial companies (special provisions) act, 1985, also contains a similar non-obstante clause in section 22, his lordship has considered in detail the effect of the two ..... should be avoided.(emphasis supplied)39. justice jeevan reddy was much more emphatic. in a concurrent judgment, his lordship stated;looking at the provisions of the sick industrial companies (special provisions) act, 1985 [the act], i was wondering how out of tune the act has become with the economic policies being pursued now in this .....
Tag this Judgment!Court : Gujarat
Reported in : (2009)1GLR59
..... company, there is a bar against initiation or continuation of proceedings under section 22 of sica against sick companies. the high court was, therefore, right in allowing the ..... or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948, the state financial corporations act, 1951, the unit trust of india act, 1963, the industrial reconstruction bank of india act, 1984 and the sick industrial companies (special provisions) act, 1985 and the small industries development bank of india act, 1989. (emphasis supplied)24. according to the .....
Tag this Judgment!Court : Chennai
Reported in : [2008]81SCL535(Mad); (2007)7VST574(Mad)
..... short, 'tngst act'). secondly, the embargo placed upon any further proceedings based upon the provisions of the sick industrial companies (special provisions) act, 1985 is not available for the petitioner. section 22 of the sick industrial companies (special provisions) act, 1985 (for short, 'sica') has been interpreted by the apex court in the decision ..... the same and to consequently forbear the first respondent from resorting to any recovery proceedings unless a fresh scheme is sanctioned and implemented under the sick industrial companies (special provisions) act, 1985 by the fourth respondent.2. i have heard mr. r. karthikeyan, learned counsel appearing for the petitioner as well ..... may specify in that behalf. it is in implementation of the scheme wherein various preventive, remedial or other measures are designed for the sick industrial company, steps by way of giving financial assistance etc., by government, banks or other institutions, are contemplated. in other words, the scheme is .....
Tag this Judgment!Court : Supreme Court of India
Reported in : JT2010(1)SC70; 2010(1)SCALE108; (2010)3SCC34; 2010(2)LC688(SC)
..... . however, it can be seen that this case offers support, if any, to the case of appellant company. the question involved was whether the provisions of the arbitration act would prevail over the provisions of the sick industrial companies (special provisions) act, 1985 (for short, 'sica'). it was held that when there is a conflict between ..... ancillary undertakings act, 1993 (hereinafter referred to as 'the interest act').4. the facts of the case can be summarised as follows:the appellant company is a small scale industrial undertaking for the purposes of the interest act. the maharashtra state electricity board (in short 'mseb') issued a work order dated 27th of march ..... for the respondent that the arbitration act contains specific provisions for awarding interest and that act being a special enactment will prevail over the interest act. he relied on the case of jay engineering works v. industry facilitation council and anr. : 2006 (8) scc 677 to show that against the provisions of interest .....
Tag this Judgment!Court : Chennai
Reported in : [1999]98CompCas205(Mad)
..... proceedings, for which notice has been issued. in these circumstances, the petitioner submitted an application before the third respondent under section 15 of the sick industrial companies (special provisions) act, 1985. the third respondent has received the same. it has also endorsed therein that the reference is complete in all respects. while ..... the recovery or take over proceedings initiated by respondents nos. 1. and 2 against the petitioner herein, in view of the provisions of the sick industrial companies (special provisions) act, 1985, in pursuance of the application filed before the third respondent by the petitioner under section 15 of the act, and pass ..... as it may specify in that behalf. it is in implementation of the scheme wherein various preventive, remedial or other measures are designed for the sick industrial company, steps by way of giving financial assistance, etc., by government, banks or other institutions, are contemplated. in other words, the scheme is implemented .....
Tag this Judgment!Court : Supreme Court of India
..... , as has been stated hereinabove, in which it was of the view that section 15(1) proviso 3 of the sick industrial companies (special provisions) act, 1985, when construed to include all proceedings under the sick industrial companies (special provisions) act, 1985, would make the present proceedings under the sick industrial companies (special provisions) act, 1985, abate on the facts of this case. ultimately, in this view of the matter, and differing ..... and ors., reported in air2013madras 229. he also argued that since the recovery of debts due to banks and financial institutions act, 1993 expressly named the sick industrial companies (special provisions) act, 1985 in section 34(2), the sick industrial companies (special provisions) act, 1985 obviously overrode that act. what is significant is that the corresponding section, namely, section 37 of the securitisation and reconstruction of financial assets .....
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