Judgment Search Results Home > Cases Phrase: sick industrial companies special provisions act 1985 section 3 definitions Page 1 of about 20,361 results (0.391 seconds)

Krishna Kilaru and Another Vs. Maytas Properties Limited Rep., by Its ...

Court : Andhra Pradesh

..... the definition of net worth under section 3(1)(ga) of the sick industrial companies (special provisions) act, 1985 (sica) is similar to the definition under section 2(29a) of the companies act. ..... respondent failed to pay the amount demanded, within three weeks of receipt of the statutory notice, the petitioners have invoked the jurisdiction of this court under section 433 (e) read with section 434 of the companies act for winding up on the ground of the respondents inability to pay its debts; the company court is not only a court of law but also a court of equity; the defence of the respondent, regarding inadmissibility of the agreement of sale dated 05.09.2007, was an ingenious ..... having due regard to the provisions of section 557(1) of the companies act, 1956, the principle which has been laid down in national textile workers' union v. p.r. ..... a debt, under section 433(e) of the companies act, is a determined or a definite sum of money payable immediately or at a future date. ..... section 2(29-a) of the companies act defines the term net worth as sum total of the paid-up capital and free reserves after deducting the provisions or expenses as may be prescribed. ..... section 227(4a) of the companies act, 1956 enables the central government, by general or special order, to direct that, in case of such class or description of companies as may be specified in the order, the auditors report shall also include a statement on such matters as may be specified. .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... and what section 50b makes chargeable to capital gains, is the difference between slump price and the net worth of the undertaking without giving the benefit of indexation and the net worth for this purpose is defined as the sum total of paid up capital and free reserves by importing the definition of section 3(1)(aa) of the sick industrial companies (special provisions) act, 1985. ..... our attention has been drawn to section 50 of the it act, which contains special provisions for computation of capital gains in case of depreciable assets alone and of no other asset. ..... at this stage, we may fruitfully refer to the heading of section 50b which reads : "special provision for computation of capital gains in case of slump sale". ..... the concept of slump sale is not new for the purposes of income-tax law regardless of the fact that a special provision for computation of capital gains from slump sale has now been enacted under section bob effective from asst. yr. ..... section 50 being a special provision will override the general provisions in the matter of computation of capital gains on transfer of depreciable assets. ..... as already stated above the profits eligible for deduction under section 80-ia are net profits derived from the industrial undertaking and therefore they will have to be netted after adjusting all the expenses attributable to them in terms of the provisions contained in sections 28 to 43 of the it act. .....

Kampli Co-operative Sugar Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2002)83ITD460(Bang.)

..... section sob makes chargeable to capital gains, is the difference between slump price and the net worth of the undertaking without giving the benefit of indexation and the net worth for this purpose is defined as the sum total of paid up capital and free reserves by importing the definition of section 3(1)(ga) of the sick industrial companies (special provisions) act, 1985 ..... gain tax; the consideration paid was for long term capital gain; the provision of section sob of the income-tax act were prospective in nature before that corresponding provision of section 40 of the act were in operation; land price was much higher than the price taken; section sob of the act has been introduced for such a situation of slump sale; an advertisement ..... a running concern had involved both assets and liabilities.we agree with the view of the cit(a) that in a case of slump sale of running business, there is always been a difficulty in applying the provision of section 41(2) as well as those of capital gains in respect of depreciable assets, it is because in such cases of sale of assets with liabilities, to determine precisely what asset was sold and what consideration ..... computation if made as per law, being loss which is eligible for carry forward and set off against the capital gains of subsequent years by virtue of section 74(1) of the act, the assessee has ignored the excess indexed cost of assets over the full value of consideration and shown as the income from capital gains as nil which is not .....

Kampli Co-operative Sugar Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2001)70TTJ(Bang.)874

..... section 50b makes chargeable to capital gains, is the difference between slump price and the net worth of the undertaking without giving the benefit of indexation and the net worth for this purpose is defined as the sum total of paid up capital and free reserves by importing the definition of section 3(1)(ga) of the sick industries companies (special provisions) act, 1985 ..... not suffer capital gain tax; the consideration paid was for long-term capital gain; the provision of section 50b of the income tax act were prospective in nature before that corresponding provision of section 45 of the act were in operation; land price was much higher than the price taken; section 50b of the act has been introduced for such a situation of slump sale; an advertisement for such a ..... the result of this computation if made as per law, being loss which is eligible for carry forward and set off against the capital gains of subsequent years by virtue of section 74(1) of the act, the assessee has ignored the excess indexed cost of assets over the full value of consideration and shown as the income from capital gains as nil which is not in conformity ..... we agree with the view of the commissioner (appeals) that in a case of slump sale of running business, there is always been a difficulty in applying the provision of section 41(2) as well as those of capital gains in respect of depreciable assets, it is because in such cases of sale of assets with liabilities, to determine precisely what asset was sold and .....

The Industrial Credit and Investment Corporation of India Limited Vs. ...

Court : Mumbai

Reported in : 1999(4)ALLMR116; 2000(1)BomCR268; [2000]99CompCas181(Bom)

..... it is also not defined under the companies act or industrial (development and regulations) act, 1951 in terms of section 3(2)(a) and section 3(2)(b) of the sick industrial companies (special provisions) act, 1985. ..... however, at the stage of hearing the appeal before the division bench the company had filed an appeal under section 25 of the sick industrial companies (special provisions) act, 1985 which was pending. ..... we may therefore have a look at the various situations which have been provided for under section 22 of the sick industrial companies (special provisions) act, 1985. ..... section 22 of the sick industrial companies (special provisions) act, 1985 was not ..... the point was not specifically raised at the hearing, the issue arose as to whether the suit against guarantors who have given guarantee to a company against whom proceedings are pending under sick industrial companies (special provisions) act, 1985 or orders passed therein can be continued with or proceeded with. ..... the above, i am clearly of the opinion that even proceedings against the guarantors for the enforcement of guarantees, given as guarantee for loan or advances to the company, in respect of which proceedings are registered under the sick industrial companies (special provisions) act, 1985 will have to be stayed. ..... guarantee is not defined under the sick industrial companies (special provisions) act, 1985. ..... being a central legislation therefore the definition of guarantee can be seen from the indian contract act. .....

Surinder Singh Sahni Vs. Union of India (Uoi) and ors.

Court : Jharkhand

Reported in : [2008(3)JCR7(Jhr)]

..... the issue raised by the petitioner is that exclusion of small scale industrial unit from the definition of industrial undertaking under section 3(1)(f)(ii) of the sick industrial companies (special provisions) act, 1985 and failure of the legislature to enact any such provision, analogous to the provisions of section 22 of the sick industrial companies (special provisions) act, 1985 for the protection of sick small scale industries amounts to discrimination between the large and small scale industries and is, therefore, violative of article 14 of the constitution of india ..... the petitioner for declaring the provisions of section 3(1)(f)(ii) of the sick industrial companies (special provisions) act, 1985 as violative of article 14 of the constitution of india, does not therefore survive anymore since the very act and the provisions contained therein, stands repealed ..... filed by way of public interest litigation, petitioner has made the following prayers:(i) for issuance of an appropriate writ declaring the provisions of section 3(1)(f)(ii) of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as 'sica' as violation of article 14 of the constitution of india. ..... filed by the respondents, in which it is sought to be explained that the sick industrial companies (special provisions) act, 1985 was specially enacted for the purposes of rehabilitation of large and medium sick industrial undertakings, which were established after investing more than rs. .....

S and S Industries and Enterprises Ltd. Vs. Bifr

Court : Appellate Tribunal for foreign Exchange New Delhi

..... referred to as the appellant company) is directed against the order of the board for industrial and financial reconstruction (hereinafter referred to as the bifr) dated 17-1-2006 whereby the bifr rejected the reference of the appellant company on the ground that the appellant company was not an industrial company within the meaning of section 3(1)(e) read with section 3(1)(f) of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as sica) and the company, therefore, does not fall under the definition of the sick industrial company in terms of section 3(1)(o) of sica. 2. ..... as a matter of fact, aaifr construed these two different expressions used in the aforesaid section to mean that manufacturing process must be on, which is not the intention of the legislature and it could not have been so because if a factory or an industrial undertaking for the purposes of the sick industrial companies (special provisions) act, 1985, is sick, it is possible that no manufacturing activity is taking place as in the instant case before us. ..... 148/95, 28/96, 29/96, 74/96 and 80/96 has held that there are three ingredients in the definition of a sick industrial company under section 3(1)(o) of sica : (a) it should be an industrial company; (b) it should be a company registered for not less than five years under the provisions of the companies act, 1956; and (c) its accumulated losses should be equal to or exceed its entire net worth at the end of any financial .....

Kusum Ingots and Alloys Ltd. Vs. Appellate Authority for Industrial an ...

Court : Delhi

Reported in : [2006]133CompCas394(Delhi); 2005(79)DRJ595; [2005]62SCL231(Delhi)

..... on the basis of the definition of industrial company as occurring in section 3(1)(e) and 3()(f), it was contended that words and expression used and not defined under the sick industrial companies (special provisions) act, 1985 or the company act shall have the meaning, assigned to them in the industries (development and regulation) act, 1951. ..... (f) and (n) of the sick industrial companies (special provisions) act, 1985 as under:-'3(1) in this act, unless the context otherwise requires :-(e) 'industrial company' means a company which owns one or more industrial undertakings;(f) 'industrial undertakings' means any undertaking pertaining to a schedule industry carried on in one or more factories by any company but does not include-(i) an ancillary industrial undertaking as defined in clause (aa) of section 3 of the industrial (development and regulation) act 1951 (65 of 1951); and(ii) a small scale industrial undertaking as defined in clause (i) of the aforesaid section 3. ..... thereforee, the reference filed by the petitioner company was as per the provisions of the sick industrial companies (special provisions) act, 1985 as contained in section 15(i) of the sick industrial companies (special provisions) act, 1985 and will not be time barred and can not be construed to be barred under the provisions of the act. .....

Ashok Mahansing Bajaj H.U.F. Vs. Elegant Pharmaceuticals Ltd. and Othe ...

Court : Mumbai

Reported in : 2000(2)ALLMR242; 2000(3)BomCR169; (2000)1BOMLR968; 2000(2)MhLj855

..... not defined under the companies act or industrial (development and regulations) act, 1951 in terms of section 3(2)(a) and section 3(2)(b) of the sick industrial companies (special provisions) act, 1985. ..... under section 15 of the sick industrial companies (special provisions) act, 1985 (for ..... have a look at the various situations which have been provided for under section 22 of the sick industrial companies (special provisions) act, 1985. ..... proceedings in the suit must be stayed.considering the above, i am clearly of the opinion that even proceedings against the guarantors for the enforcement of guarantees, given as guarantee for loan or advances to the company, in respect of which proceedings are registered under the sick industrial companies (special provisions) act, 1985 will have to be stayed.'6. ..... not defined under the sick industrial companies (special provisions) act, 1985. ..... (4) any declaration made under sub-section (3) with respect to a sick industrial company shall have effect notwithstanding anything contained in the companies act, 1956(1 of 1956) or any other law, the memorandum and articles of association of the company or any instrument having effect under the said act or other law or any agreement or any decree or order of a court, tribunal, officer or other authority or of any submission, settlement or standing order and accordingly;(a) any remedy for the enforcement of any right, ..... legislation therefore the definition of guarantee can be seen from the indian contract act. .....

L.M.L. Limited Vs. Saraswati Trading Company Limited and ors.

Court : Delhi

Reported in : 1995(35)DRJ233

..... defendant no.3 has filed an application under section 15 and 16 read with section 22 of the sick industrial companies (special provisions) act 1985 as amended by the sick industrial companies (special provisions) amendment act (12) of 1994. ..... case it is not a loan or an advance granted to the company, the provisions of section 22 of sick industrial companies(special provisions) act, 1985 will not be applicable, and consequently, the suit is not barred by the said act. ..... limited which is now a sick company and as this amount was neither a loan nor an advance granted to the said company, there was no question of the suit being barred by section 22 of the sick industrial companies (special provisions) act, 1985. ..... ) under section 22 of the sick industrial companies (special provisions) act, no suit or proceedings for enforcement of any guarantee in respect of any loan or advance granted to the industrial company shall lie or be proceeded with further except with the consent of the board or, as the case may be, appellate ..... , thereforee, is that not only that the suit was barred by section 22 of sick industrial companies (special provisions) act but was also pre-mature. ..... case, the amount sought to be recovered was a loan or advance granted to the said industrial company, the suit will definitely be barred by the said section. ..... submits that this money being the consideration for transfer of fibre division from plaintiff no.1 to defendant no.3 is not covered by the definition of loan or advances. .....