Court : Gujarat
Reported in : [2004]121CompCas77(Guj); (2004)3GLR706; [2004]54SCL138(Guj); [2005]139STC116(Guj)
..... the products being sold by it. the petitioner claims immunity from any coercive recovery of sales tax dues on the ground that the petitioner is registered as a sick industrial company under the provisions of the sick industrial companies (special provisions) act, 1985 ('the sica' or 'the act' for short). the petitions involve two controversies :(i) whether any inquiry is pending under section 16(1) so as ..... price charged from its purchasers.before dealing with the rival submissions, it is necessary to make a brief reference to the provisions of the sick industrial companies (special provisions) act, 1985.11. there is no dispute about the definition of 'sick industrial company' as defined by section 3(1)(o) and various other expressions, chapter iii covers references, inquiries and schemes. sub-section (1) of section 15 .....
Tag this Judgment!Court : Mumbai
Reported in : AIR2004Bom462; 2004(3)ARBLR589(Bom); 2004(4)BomCR744; [2005]126CompCas241(Bom); 2005(1)CTLJ225(Bom); 2004(4)MhLj233
..... its claim from the appellant. the mere fact that a reference under the sick industrial companies (special provisions) act, 1985 is pending before the board, is, in our view, not sufficient to bring the case in the ambit of the 'irretrievable injustice' exception.'i have considered the ..... there would be irretrievable injustice to the respondent if the bank guarantees are allowed to be realised because the appellant is a sick industrial company in respect of which a reference is pending before the board for industrial and financial reconstruction under the sick industrial companies (special provisions) act, 1985. the respondent contends that even if it succeeds before the arbitrator it will not be able to realise .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : AIR1996MP53
..... whether such a ground was taken in the grounds of appeal or not or as to whether the change in law, i.e. regarding the enactment of the sick industrial companies (special provisions) act, 1985, was brought to the notice of the appellate court. a reading of the objections and section 22 of the act (reproduced in the ..... bank guarantees cannot be invoked may also be examined.21. the enactment on which reliance is being placed in this regard is sick industrial companies (special provisions) act, 1985. the company is said to have been declared sick within the meaning of section 3(1)(o) and section 17(3) of the act. it is further stated that steps have ..... or purchase thereafter would not be governed by the guarantee; (v) that the unit in question has been declared as a sick unit and, therefore, in view of the provisions contained in the sick industrial companies (special provisions) act, 1985, the bank cannot invoke the bank guarantees. 9. before dealing with the various arguments raised by the .....
Tag this Judgment!Court : Mumbai
Reported in : 1990(3)BomCR109
..... /87 quashing the proceedings for the recovery of property tax and other expenses due from the first respondent company.2. the matter arises in this way : for the purpose of prevention and revival of sick industries, the central government has enacted the act called 'the sick industrial companies (special provisions) act, 1985 ('the act'). the act extends to the whole of india including the state of jammu ..... and kashmir. it came into force (except sections 15 to 34) with effect from 15 may, 1987. the act covers only sick industrial companies or industrial companies which have the potential to .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2008(2)ALT257
..... for industrial and financial reconstruction (hereinafter referred to as 'bifr'). consequentially ..... for rs. 1.5 crores opened by the foreign company, could not be fulfilled due to lack of funds and the company lost a very valuable export order. since the net worth of the company by this time had eroded as required under the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as 'sica'), the company was duty bound to report the same to the board .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 1998(6)ALD727; 1998(2)ALD(Cri)808; 1999(1)ALT(Cri)55; [1999]95CompCas852(AP)
..... act did undergo a change even in 1993 wherein 'the suit for recovery of money or for enforcement of any security against industrial company' has been amended (vide sick industrial companies (special provisions) amendment act, 1993) and that amendment has been effected into the statute book long after the incorporation of the chapter ..... the duty of enquiry.3. the principal issue involved in this petition is in regard to the effect of section 22(1) of the sick industrial companies (special provisions) act, 19s5onaproceeding initiated under section 138 of the negotiable instruments act. for convenience sake, section 138 of the negotiable instruments act is ..... the report observed:'evidently, the learned counsel for the petitioner had in view section 22 of the sick industrial companies (special provisions) act. the section contemplates suspension of legal proceedings in respect of aii industrial company when an enquiry under section 16 is pending or a scheme under section 17 is under preparation .....
Tag this Judgment!Court : Delhi
Reported in : 1994IIAD(Delhi)229; [1996]85CompCas594(Delhi); 1994(29)DRJ90
..... title facts which have been noticed in the order dated 30th april. 1993. it appears that during the pendency of the winding up petition the company had filed before the board for industrial & financial reconstruction (bifr) a reference under section 15 of sick industrial companies (special provisions) act. 1985. (for short 'the act'). this fact was not brought to the notice of this court by the ..... company. the fact that the company had approached bifr was brought to the notice of this court by the petitioner on 18th march 1993 and on that date. the petitioner also placed on record .....
Tag this Judgment!Court : Allahabad
Reported in : AIR1995All327; [1995(70)FLR704]
..... the filing of the suit by the bank the revisionist company had made a reference under section 15 of the sick industrial companies (special provisions) act of 1985 (hereinafter called the act of 1985). reference made by the company was registered as case no. 116/94 by the board for industrial and financial reconstruction (hereinafter called the board) on 26- ..... 8-1994. on 18-10-1994 the board permitted the company to file by 31st december ..... that the board considered the matter on 18-10-1994 at 12-00 noon and it was observed that 'the bench pointed out that the company was not a sick industrial company within the meaning of section 3(c) of the act in terms of its audited balance-sheet as on 31-3-1993. the reference was .....
Tag this Judgment!Court : Allahabad
Reported in : 1998(1)AWC43
..... order of the high court whereby stay was granted for recovery of electricity dues on the ground the company was declared as sick company under section 3 of the sick industrial companies (special provisions) act. 1985. it was held that such company was also liable to pay electricity dues. in foremost industries (india) ltd., kailashpur, dehradun road. saharanpur v. state of u. p. and others, misc. writ petition no ..... . 11220 of1996, this court held that where the petitioner was carrying on business even after it has been declared as sick company .....
Tag this Judgment!Court : Delhi
Reported in : 1997IAD(Delhi)248; [1998]91CompCas197(Delhi); 65(1997)DLT48; 1997(40)DRJ415
..... 9.1993, annexure p/8; and order dated 8.2.1995, annexure p/11. (2) the birf in a reference made by the appellant sick company under section 15 of the sick industrial industrial companies (special provisions) act, 1985 (hereinafter referred to as the 'act'), vide orders dated 25.5.1993, annexure p/6, formed a prima facie opinion ..... that the appellant company was economically and commercially non-viable on a long term basis and it would be just and equitable to wind it ..... 8) the birf in its preliminary order dated 25.5.1993 had negatived this contention of the petitioner company, holding that the statutory auditors of the company, while certifying the accounts had commented that this was a sick industrial company within the meaning of section 3(1)(o) of the act. further, the petitioner had failed to .....
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