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 : 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 : Chennai
Reported in : [1997]89CompCas600(Mad)
..... of 1994 and 4427 of 1994 have come up in appeals. 2. in the writ petitions, the petitioners sought for declaring that section 20 of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as 'the act'), is ultra vires and unconstitutional. this relief was sought for on the ground that section 20 ..... in which section 20 appears in the act. the object of the act is to make in public interest special provisions with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a board of experts of the preventive, ameliorative, remedial and other measures which ..... employment and optimise the use of the funds of the banks and financial institutions, it would be imperative to revive and rehabilitate the potentially viable sick industrial companies as quickly as possible. it would also be equally imperative to salvage the productive assets and realise the amounts due to the banks and financial .....
Tag this Judgment!Court : Chennai
Reported in : (2008)1MLJ270; 2007(5)CTC392
..... namely, section 34. a similar situation arose in maharashtra tubes ltd. v. state industrial and investment corporation of india : [1993]1scr340 where there was inconsistency between two special laws, the finance corporation act, 1951 and the sick industries companies (special provisions) act, 1985. the latter contained section 32 which gave overriding effect to ..... its provisions and was held to prevail over the former. it was pointed out by ahmadi, j. that both special statutes contained non-obstante ..... the lic act guides where other matters are concerned.... these plural considerations lead me to the conclusion that the id act is a special statute when industrial disputes, awards and settlements are the topic of controversy, as here. there may be other matters where the lic act vis-a .....
Tag this Judgment!Court : Chennai
Reported in : [1999]97CompCas478(Mad)
..... writ petition is whether placing a rehabilitation scheme by the petitioner under 18 of the sick industrial companies (special provisions) act, 1985, pursuant to the proceedings initiated under s 15, 16 and 17 of the sick industrial companies (special provisions) act, 1985, or placing a proposal by the petitioner under 19a under the sick industrial companies (special provisions) act, 1985, for an interim relief, namely, an arrangement for continuing the operation of ..... . if the issue raised in the above writ petition is tested in the light of the above provisions of the sick industrial companies (special provisions) act, 1985, and the industrial disputes act, it is relevant to decide whether the sick industrial companies (special provisions) act, 1985, will prevail over the industrial disputes act or vice versa. this issue came up for consideration before the apex court as well as a .....
Tag this Judgment!Court : Chennai
Reported in : [2008]145CompCas24(Mad)
..... that the appellant, being a state level financial institution, the consent of the appellant is mandatory for sanction of the rehabilitation scheme in terms of section 19(2) of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as 'the sica').6. the third respondent resisted the case by contending that though the appellant is a state level institution, it had not ..... case is, whether the consent of the appellant is necessary while approving the scheme framed for revival of the third respondent-company by the bifr under section 19 of the sica.12. section 19(1) and 19(2) of the sick industrial companies (special provisions) act, 1985, reads as follows:19. rehabilitation by giving financial assistance.--(1) where the scheme relates to preventive, ameliorative, remedial .....
Tag this Judgment!Court : Chennai
Reported in : [1999]97CompCas582(Mad); 1998(3)CTC589
..... of tracstar and sspl, were in violation of various requirements of law and hence it is illegal. when the sick industrial companies (special provisions) act, 1985, came into force, the board for industrial and financial reconstructioin (bifr) declared the gwl, india, as a sick industrial company.11. the industrial reconstruction bank of india was appointed as the operating agency for the purpose of preparing a scheme for revival/rehabilitation ..... shaw wallace. on 25.8.1987 gwl india made a reference to the board for industrial and financial reconstruction under section 15 of the sick industrial companies (special provisions) act. 1985. as it became a sick company by that time. on 17.3.1988 bifr declared gwl as a sick industrial company. bifr appointed industrial reconstruction bank of india as the operating agency for preparing a scheme for revival of the .....
Tag this Judgment!Court : Chennai
Reported in : (2008)17VST59(Mad)
..... sold by them. the petitioner claimed immunity from any coercive recovery of sales tax due on the ground that the company was registered as a sick industrial unit under the provisions of the sick industrial companies (special provisions) act, 1985. two important questions framed for adjudication by the division bench are (1) whether any inquiry was ..... respondent to take the above facts into account and not to initiate any recovery steps in view of the orders of the bifr, in terms of the sick industrial companies (special provisions) act, 1985.12. the assistant commissioner (ct), fast track assessment circle ii, chennai - 600 006, second respondent herein, vide its letter ..... reference in communication no. rc. 196/04/a2, dated april 10, 2007, as being arbitrary, illegal and contrary to the provisions of the sick industrial companies (special provisions) act, 1985 and the proceedings of the fourth respondent to seek taking of any coercive steps against the petitioner for recovery of any tax .....
Tag this Judgment!Court : Chennai
Reported in : [1999]95CompCas116(Mad)
..... date, the petitioner cannot say that he is a creditor.5. the other legal ground taken by the fourth respondent is that it has already registered its name before the sick industrial companies (special provisions) act, 1985, and proceedings have been initiated by authorities under that act and enquiries are going on. since their name has been registered under the provisions of the said ..... the facts on records and submissions made at today's hearing the bench appointed idbi as the operating agency under section 16(2) of the sick industrial companies (special provisions) act, 1985, to look into the accounts of the company and submit its status report within four weeks as from today in regard to the genuineness of the entries of rs. 169.26 crores and .....
Tag this Judgment!Court : Chennai
Reported in : [2003]115CompCas401(Mad); 2002(146)ELT287(Mad); [2004]52SCL186(Mad)
..... 17. taking up the next and last point for consideration to be placed on the question revolves around the constructions of section 22 of sick industrial companies (special provisions) act, 1985 vis-a-vis the nature and liability incurred by the writ petitioner and the invocation of guarantee by the first ..... justification for the first respondent to have invoked the guarantee.8. the learned counsel for the petitioner contended that when the proceedings under the sick industrial companies (special provisions) act are pending, the invocation of guarantee by the respondents is impermissible without the leave of bifr and such an invocation is barred ..... 4. before the period stipulated for accomplishing the export obligation undertaken, the petitioner-company went into financial problems and had moved an application under section 15(1) of the sick industrial companies (special provisions) act 1985, before the board for industrial and financial reconstruction in case no. 96 of 1996 'in re : dyna .....
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