Judgment Search Results Home > Cases Phrase: sick industrial companies special provisions act 1985 chapter iii references inquiries and schemes Page 1 of about 4,621 results (0.346 seconds)

M/S Madras Petrochem Ltd. and Anr. Vs. Bifr and Ors.

Court : Supreme Court of India

..... . in fact, chapter iii of the sick industrial companies (special provisions) act, 1985 specifically refers, in the chapter heading, to references, inquiries and schemes ..... he also submitted that a large number of judgments of various high courts have taken the view which is taken in the impugned judgment, and that the expression reference would include all stages of a proceeding under the sick industrial companies (special provisions) act, 1985 including the stage of operation of a scheme. ..... . while section 15 of the sick industrial companies (special provisions) act, 1985 deals with references, section 16 deals with inquiries into the working of sick industrial companies ..... on 13.12.1989, after making an inquiry under 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 agency to formulate a rehabilitation scheme. .....

Core Healthcare Ltd. Vs. State of Gujarat

Court : Gujarat

Reported in : [2004]121CompCas77(Guj); (2004)3GLR706; [2004]54SCL138(Guj); [2005]139STC116(Guj)

..... by the petitioner either by separately collecting the same from the purchasers or by including sales tax as a component of the sale 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. ..... 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). ..... inquiry under section 16 and after considering all the relevant facts and circumstances and after giving an opportunity of hearing to all concerned parties, is of opinion that the sick industrial company is not likely to recover from sickness within a reasonable time and that the company is not likely to become viable in future and that it is just and equitable that the company should be wound up, it may record and forward its opinion to the concerned high court which may proceed with the winding up of the sick industrial company in accordance with the provisions of the companies act ..... the time-limits in various provisions of the act for completion of inquiry, preparation of scheme etc. .....

Boolani Engineering Corporation Vs. Asup Synthetics and Chemicals Ltd.

Court : Rajasthan

Reported in : [1994]81CompCas872(Raj)

..... it was contended by learned counsel for the petitioner that an effort should be made by this court to revive the company and for that endshould refer the matter to the board for industrial and financial reconstruction (for short, 'the bifr') under the provisions of the sick industrial companies (special provisions) act, 1985 (for short, 'the special provisions act'). ..... , has sufficient reason to believe that the company has become, for the purposes of the special provisions act, a sick industrial company. ..... a look at chapter iii of the special provisions act will show that it contains the provisions for references, inquiries and schemes. ..... riico is a public financial institution and it too can make a reference under sub-section (2) of section 15 of the special provisions act to bifr. ..... as and when directors are appointed as aforesaid, only they in view of sub-section (1) of section 15 of the special provisions act, can make reference to the bifr. ..... thus, under the provisions of the special provisions act, so far as this court is concerned, there is no provision for making reference to bifr. ..... agrawal, counsel for riico, contends that the provisions of the act are general provisions governing all companies whereas the provisions of the financial corporations act are special provisions and in view of the provisions of section 46b, they will have overriding effect and will prevail over the provisions of the act.9. .....

Hindustan Antibiotics Ltd. Vs. Special Land Acquisition Officer (14) a ...

Court : Mumbai

Reported in : 2005(1)ALLMR289; 2004(6)BomCR60; 2004(4)MhLj908; [2005]59SCL560(Bom)

..... 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. ..... chapter iii deals with reference, inquiries and schemes to be made by the board. ..... of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is, under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the companies act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said act ore other law, no proceedings for the winding up of the industrial company or for execution distress or the like against any of the properties of the industrial company or for ..... it is for that reason that section 22(1) provides that during the pendency of (i) an inquiry under section 16 or (ii) preparation or consideration of a scheme under section 17 or (iii) an appeal under section 25, no proceedings for winding up of the concerned industrial company or for execution, distress or the like shall lie or be proceeded with in relation to the properties of that concern unless bifr/appellate authority has consented thereto. .....

Gowri Spinning Mills (P.) Ltd. Vs. Assistant Provident Fund Commission ...

Court : Chennai

Reported in : (2007)ILLJ140Mad

..... it will be useful to refer to the relevant provisions of the sick industrial companies (special provisions) act, 1985. ..... ' means the board for industrial and financial reconstruction established under section 4;3(1)(i) 'operating agency means any public financial institution, state level institution, scheduled bank or any other person as may be specified by general or special order as its agency by the board ;3(1)(o) 'sick industrial company' means an industrial company (being a company registered for not less than five years) which has at the end of any financial year accumulated losses equal to or exceeding its entire net worth.16. chapter iii of the sica deals with 'references, inquiries and schemes' ..... , as may be specified in the scheme:provided that before levying and recovering such damages, the employer shall be given a reasonable opportunity of being heard.provided further that the central board may reduce or waive the damages levied under this section in relation to an establishment which is a sick industrial company and in respect of which a scheme for rehabilitation has been sanctioned by the board for industrial and financial reconstruction established under section 4 of the sick industrial companies (special provisions) act, 1985 (1 of 1986), subject to such terms and conditions as may be specified in the .....

industrial Development Bank of India Vs. Surekha Coated Tables and She ...

Court : Delhi

Reported in : 1994IIAD(Delhi)229; [1996]85CompCas594(Delhi); 1994(29)DRJ90

..... it must be realised that in the modern industrial environment large industries are generally financed by banks and statutory corporations created specially for that purpose and if they are permitted to resort to independent action in total disregard of the pending inquiry under sections 15 to 19 of the 1985 act the entire exercise under the said provisions would he rendered nugatory by the time the bifr is able to evolve a scheme of revival or rehabilitation of the sick industrial concern by the simple device of the financial corporation resorting to section 29 of the 1951 act. ..... we are,therefore, of the opinion that where an inquiry is pending under sections 16/17 or an appeal is pending under section 25 of the 1985 act there should he cessation of tge coercive activities of the type mentioned in section 22(1) to permit the bifr to consider what remedial measures it should take with respect to the sick industrial company. ..... a reference to bifr can be made by an industrial company that has become a sick industrial company in the manner provided for in section 15 of the act. ..... (5) section 16 is a part of chapter iii of the act which deals with references, inquiries and schemes under the act. ..... 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. .....

Creative Home Fashions Limited Vs. Union of India and Others

Court : Delhi

..... the first two prayers read as under:-"(i) proviso iii to section 15 of the sick industries companies (special provisions) act, 1985 be declared, unconstitutional, ultra vires the constitution of india and/or null and void;(ii) proviso ii & iii to section 18 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 be declared unconstitutional, ultra vires the constitution of india and/or null and void."2. ..... chapter iii provides for references, inquiries and schemes. ..... (2) where there has been under any scheme under this act an amalgamation of a sick industrial company with another company, the provisions of section 72a of the income-tax act, 1961 (43 of 1961), shall, subject to the modifications that the power of the central government under that section may be exercised by the board without the central government under that section may be exercised by the board without any recommendation by the specified authority referred to in that section, apply in relation to such amalgamation as they apply .....

Andhra Printers Ltd. Vs. V. Arjun Rao and anr.

Court : Andhra Pradesh

Reported in : [2008]141CompCas7(AP); [2008]81SCL209(AP)

..... 90 of 2006 under section 22 of the sick industrial companies (special provisions) act, 1985 (for short 'the act'), with a prayer to suspend all further proceedings in the ..... to nominate or appoint any person to be a director of the company;(b) no resolution passed at any meeting of the shareholders of such company shall be given effect to unless approved by the board;(3) where an inquiry under section 16 is pending or any scheme referred to in section 17 is under preparation or during the period of consideration of any scheme under section 18 or where any such scheme is sanctioned thereunder, for due implementation of the scheme, the board may by order declare with respect to the sick industrial company concerned that the operation of all or any of the ..... chapter iii, comprising of sections 15 to 22a, deal with the method of references, enquires and the schemes ..... contracts, assurances of property, agreements, settlements, awards, standing orders or other instruments in force, to which such sick industrial company is a party or which may be applicable to such sick industrial company immediately before .....

Indian Shaving Products Limited Vs. Board of Insdustrial and Financial ...

Court : Supreme Court of India

Reported in : 1996IAD(SC)734; AIR1996SC960; I(1996)BC478(SC); [1996]87CompCas589(SC); [1996]218ITR140(SC); JT1996(1)SC1; 1996(1)SCALE57; (1996)1SCC683; [1996]1SCR31

..... the impugned order upheld the order of the board for industrial and financial reconstruction, established under the sick industrial companies (special provisions) act, 1985 (hereinafter called the said act, by which the benefit of the provisions of section 72a of the income tax act, 1961, was not extend to the appellant upon the amalgamation of sharp edge limited with it.2. ..... there has been under any scheme under this act an amalgamation of a sick industrial company with another company, the provisions of section 72-a of the income tax act, 1961 (43 of 1961), shall, subject to the modifications that the subject to the modifications that the power of the central government under that section may be exercised by the board without any recommendation, by the specified authority referred to in that section, apply in relation to such amalgamation as they apply in relation to the amalgamation of a company owning an industrial undertaking with another ..... chapter iii deals with references, inquiries and schemes. ..... section 16 requires the bifr to make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company, inter alia, upon receipt of a reference with respect to such company under section 15. ..... the inquiry is required to be completed within sixty days from its commencement and an inquiry is deemed to have commenced upon receipt by the bifr of a reference. .....

Neycer India Limited, Rep. by Its Manager (Finance), T. Mani Vs. the C ...

Court : Chennai

Reported in : [2008]81SCL535(Mad); (2007)7VST574(Mad)

..... the petitioner has filed this writ petition seeking for issuance of writ of certiorarified mandamus calling for records comprised in rca 3/5843/2000 dated 21.9.2006 on the file of the first respondent, quash 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. ..... in the larger interest of the industrial health of the nation, section 22 of the central act requires all creditors seeking to recover their dues from sick industrial companies in respect of whom an inquiry under section 16 is pending or a scheme is under preparation or consideration or has been sanctioned to obtain the consent of the said board to such recovery. ..... it is not an absolute bar.para 13: on a fair reading of the provisions contained in chapter iii of act 1 of 1986 and in particular sections 15 to 22, we are of the opinion that the plea put forward by the revenue is reasonable and fair in all the circumstances of the case. ..... it starts with the reference to be made by the board of directors of the sick company. ..... learned counsel appearing for the petitioner states that in the interest of 500 workers involved and in view of the fact that the petitioner is willing to pay the current tax, there should be some leniency with reference to the arrears. .....