Judgment Search Results Home > Cases Phrase: sick industrial companies special provisions act 1985 section 3 definitions Page 4 of about 20,361 results (0.285 seconds)

Union of India (Uoi) Vs. Krishna Mills Ltd.

Court : Rajasthan

Reported in : [1994]81CompCas50(Raj)

..... the various provisions of the sick industrial companies (special provisions) act, 1985, which have been enacted to safeguard the economy of the nation and to protect the viable sick companies definitely puts an end both to the contemplated winding up proceedings and the pending winding up proceedings.'20. ..... 6 of 1982, a stay order has been passed by the court in view of the provisions of section 22 of the sick industrial companies (special provisions) act, 1985 (for short 'the act of 1985'). ..... a conspectus of section 529a of the companies act, 1956, and the various provisions of the 1985 act show that while section 529a of the 1956 act deals with payment of dues after a winding-up order has been made and it gives priority to the claims of the workmen and the creditors, the act of 1985 provides for revival and rehabilitation of a sick industrial company. ..... detailed provisions contained in sections 16, 17, 18 and 19 of the 1985 act clearly speak of the steps which are required to be taken by the board for making an enquiry into the working of the sick industrial company for the purpose of determination as to whether it is possible to revive the company. ..... in order to appreciate the rival submissions it will be profitable to refer to the provisions of section 529a of the companies act as well as the provisions of the sick industrial companies (special provisions) act, 1985. .....

Unique Engineering Works Vs. Union of India (Uoi) and ors.

Court : Uttaranchal

Reported in : II(2004)BC241

..... , appeal or other proceeding of whatever nature relating to the said financial asset is pending by or against the bank or financial institution, save as provided in the third proviso to sub-section (1) of section 15 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) the same shall not abate, or be discontinued or be, in any way, prejudicially affected by reason of the acquisition of financial asset by the securitisation company or reconstruction company, as the case may be, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the securitisation ..... stated above, it was argued on behalf of the one of the petitioners, that prior to the impugned npa act, 2002, sick industrial companies had an opportunity of rehabilitation under the provisions of the sick industrial companies (special provisions) act, 1985. ..... may be mentioned that even a guarantor is included in the definition of the word 'borrower' under section 2(f) and under section 13(13) the guarantor is also given 60 days time to carry out his obligations pursuant to notice under section 13(2) of the impugned npa act, 2002. ..... similarly, section 2(n) provides for definition of the word hypothecation to mean 'credit by a borrower' which also indicates that the act is ..... concept finds place in the definition of the words 'financial asset' as defined under section 2(1) of the impugned npa act, 2002 read with section 5 and section 9 of the impugned npa act, 2002. .....

Testeels Ltd. Vs. Radhaben Ranchhodlal Charitable Trust

Court : Gujarat

Reported in : [1989]66CompCas555(Guj); (1989)2GLR1158

..... . the various provisions of the sick industrial companies (special provisions) act, 1985, which have been enacted to safeguard the economy of the nation and to protect the viable sick companies definitely puts an end both to the contemplated winding up proceedings and the pending winding up proceedings ..... as far as the appellant-company is concerned, the board for industrial and financial reconstruction, in exercise of the powers conferred under sub- section (4) of section 16 of the sick industrial companies (special provisions) act, 1985, and all other powers enabling them in this behalf, has appointed, by order dated january 11, 1988, until further orders, one g. ..... appeals, the appellant, testeels limited, apart from various other grounds contended that in view of the provisions under section 22 of the sick industrial companies (special provisions) act, 1985 (act no. ..... in the light of the provisions under the companies act, we have to see the effect of section 22 of the sick industrial companies (special provisions) act, 1985, and as to the legality of an order of dismissal of the company petition in the light of section 22 of the said act. 8. .....

J.K. Udaipur Udhyog Ltd. Vs. State of Rajasthan and ors.

Court : Rajasthan

Reported in : [2003]131STC176(Raj); 2003(1)WLN281

..... a central or state level financial institution or a bank under a programme of rehabilitation ; or(ii) an industrial unit which is declared sick during the operative period of this scheme, by the board for industrial and financial reconstruction (bifr) under the provisions of the sick industrial companies (special provisions) act, 1985, and by the state level committee or the appropriate district level committee, in the industries department, in case of non-bifr cases ; or(iii) an industrial unit which is taken over and sold during the operative period of this scheme ..... take away or impair an existing right or create a new obligation or impose a new liability otherwise than as regards matters of procedure' and held that the income-tax officer was not entitled to avail of the provision enacted in sub-section (6) read with sub-section (7) of section 171 of the new act for the purpose of recovering the tax or any part thereof personally from any member of the joint family for the aforesaid assessment years prior to 1962-63.80. ..... the expression 'vested right' has been explained in black's law dictionary as under :vested rights : in constitutional law, rights which have so completely and definitely accrued to or settled in a person that they are not subject to be defeated or cancelled by the act of any other private person, and which it is right and equitable that the government should recognise and protect, as being lawful in themselves, and settled according to the then current rules .....

Cawnpore Chemical Works (P.) Ltd. Vs. Appellate Authority for Industri ...

Court : Allahabad

Reported in : 2002(3)AWC2012

..... were authorised to take into consideration the facts and circumstances of each case and then to decide whether any reference under section 15(1) of the sick industrial company (special provisions) act, 1985, was at all necessary or not and to pass any other appropriate order meeting the ends of justice in each case. ..... 'sick industrial company', as defined under section 3(o) of sick industrial companies (special provisions) act, 1985, 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. ..... the object of sick industrial companies (special provisions) act, 1985, is to timely detect industrial sickness, as well as preventive, ameliorative and other measures with respect thereto as also expeditious enforcement thereof. ..... the explanation appended to this definition explains 'free reserves' for the purpose of this clause to mean all reserves credited out of the profits and share premium account but does not include reserves credited out of re-evaluation of assets, write back of depreciation provisions and amalgamation. 10. .....

Krimpex Synthetics Limited Vs. Union of India

Court : Delhi

Reported in : AIR1998Delhi27; [1998]94CompCas495(Delhi); 1997(43)DRJ504

..... the division bench of the bombay high court has stated the law in paragraph 8 of the judgment which reads as follows: 'it is next submitted that section 22, of the sick industrial companies (special provisions) act, 1985, has been amended by the amending act of 1993, as a result of which certain protection is given to a guarantor. ..... the petitioner company as well as guarantors on march 16, 1993 filed their first reference under section 15 of the sick industrial companies (special provisions) act, 1985 (hereinafter referred to as `the act'). ..... '(11) the amended portion in bracket in sub-section (1) of section 22 was inserted by the sick industrial companies (special provisions) amendment act, 1993. ..... sickness is an attribute of an industrial company and as such the provisions of section 3(1)(o) of the act would cover only a sick industrial company. ..... the material point, thereforee, is whether the company conforms to the definition of an `industrial undertaking' in terms of the provisions of the act. ..... the operative definition of a company is that it should own an industrial undertaking pertaining to a scheduled industry carried on in one or more factories owned by it. .....

Gordon Woodroffe Ltd. Vs. Regional Commissioner, Employees Provident F ...

Court : Chennai

Reported in : (2002)IILLJ653Mad

..... as the petitioner-company is a sick industrial company under section 3(1)(o) of the sick industrial companies (special provisions) act, 1985, the notification dated may 17, 1989, enhancing the employees' provident fund contribution to 10 per cent. ..... 205 of 1987, the petitioner-company filed a petition to the board for industrial and financial reconstruction (hereinafter referred to as 'the bifr') under section 15(1) of the sick industrial companies (special provisions) act 1985, for determining the measures to be adopted under the said act. ..... 28 (head note): 'the definition of basic wages in section 2(b) excludes a number of allowances grouped in sub-clause (ii) of the section, however, under section 6 dearnessallowance and remaining allowances are taken into consideration for calculating the contribution. ..... however, the provident fund commissioner, the respondent herein rejected the representations made by the petitioner-company and passed the impugned order dated august 9, 1991, holding that the special allowance and saturday allowance were wages earned by the employees and these allowances would fall within the main definition under section 2(b) of the act and therefore the contributions were payable at 10 per cent on these allowance also. ..... 40 from january 1, 1982, as admitted by the petitioner in the letter dated december 3, 1990, and that, therefore, the allowance would fall under the definition of the term 'basic wages' as defined under section 2(b) of the act. .....

Standard Industrial Engg. Co. Vs. Bellary Power (India) (P.) Ltd.

Court : Karnataka

..... , subject matter of reference before the board for industrial and financial reconstruction (bifr), and in view of section 22 of the sick industrial companies (special provisions) act, 1985, the further proceedings in this petition be suspended. ..... learned counsel points out to section 10 of 'industrial undertakings act' to contend that the said act override the provisions of the companies act, 1956, and hence the company petition is not maintainable. ..... 13,76,333 a determined, definite and undisputed debt and that the presumption under section 434(1) of the act, aptly applies to the facts of this case, in the absence of a reply to the statutory notice or payment by the respondent. ..... the learned counsel for the parties and perused pleadings, the questions that arise for decision making in this petition are :(i) whether the petitioner has made out a case of a debt which is determined, ascertained, definite and undisputed that the respondent company has failed to pay in order to invoke the extraordinary jurisdiction of this court for winding up the respondent company ? ..... 13,76,333 is a determined, ascertained, definite and undisputed sum which the respondent company is due and payable to the petitioner company, is further fortified by the submission of the learned counsel for the respondent that the petitioner obtained a decree dated 29-9-2003 from the andhra pradesh industry facilitation council constituted under the industrial undertakings act, 1993'. .....

Banswara Syntex Ltd. Vs. the A.C.i.T.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2007)108ITD48(Jodh.)

..... relevant to the previous year in which the said company has become a sick industrial company under section 17(1) of the sick industrial companies (special provisions) act, 1985 (1 of 1986), and ending with a.y. ..... 1.4.2000) in the explanation to section 80-ia(4), and subject to fulfilling the conditions laid down in that section 80-ia(sa) ]; or (vii) the amount of profits of sick industrial company for the a.y. ..... now, section 115jb which provided special provisions for payment of tax by certain companies has been inserted by finance act 2000, w.e.f. ..... the scope of this special provision has been enlarged and certain other requirements are also provided, but the provisions relating to incentive benefits under section 80hhc, have not been tinkered with.11. ..... 1988, which provided "special provisions relating to certain companies". ..... 1.4.2001.this provides for a special provision for payment of tax by certain companies. ..... the explanation to sub-section (1) of section 115j gives the definition of the "book profit" by incorporating the requirement of section 205 of the companies act in the computation of the book profit.brought forward losses or unabsorbed depreciation, whichever is less, would be reduced in arriving at the book profits. ..... for such definition, reference may be made to page 2799 of vol. .....

Bank of India Vs. Harshadrai Odhavji Mody and Central Bank of India

Court : Mumbai

Reported in : AIR2002Bom449; 2002(3)ALLMR1; 2002(5)BomCR228; [2003]115CompCas86(Bom); 2002(3)MhLj723

..... provisions of this act or the rules made thereunder shall be in addition to, and not in derogation of, the industrial finance corporation act, 1948 (15 of 1948), the state financial corporation act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act ..... act, 1951 (63 of 1951), the unit trust of india act, 1963 (52 of 1963), the industrial reconstruction bank of india act, 1984 (62 of 1984) and the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industrial development bank of india act ..... down by the code of civil procedure, 1908 (5 of 1908), but shall be guided by the principles of natural justice and, subject to the other provisions of this act and of any rules, the tribunal and the appellate tribunal shall have powers to regulate their own procedure including the places at which they shall have their ..... ' in this view of the matter an application for execution of a foreign decree when made to the tribunal or upon transfer under section 19 of the rdb act would be decided according to the powers of the tribunal which, as held by the supreme court, includes all the powers of a court as contained ..... the definition of debt in all other respect, since however the claim of the bank is under a decree or order it falls outside the definition of .....