Court : Supreme Court of India
Reported in : AIR1994SC1248; [1992(65)FLR998]; JT1992(6)SC18; 1994LabIC700; (1993)ILLJ176SC; 1992(2)SCALE828; (1992)4SCC680; [1992]Supp1SCR931
..... and the appellate authority are 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.9. in the result, we allow ..... financial reconstruction (hereinafter referred to as the 'bifr'). under section 15(1) of the sick industrial company (special provisions) act, 1985 (in short 'sica'). during the pendency of the said reference the appellant company made an application to the state of maharashtra under section 25(o) of the industrial disputes act, 1947 for seeking permission to close down its undertaking located at goregaon and requested the .....
Tag this Judgment!Court : Delhi
Reported in : AIR1995Delhi370; [1995]83CompCas606(Delhi); 1995(32)DRJ727
d.p. wadhwa, j. (1) m/s. shree bajrang jute mills ltd., a sick company under the sick industrial companies (special provisions) act, 1985 (for short 'the act') first filed this petition under article-226 of the constitution challenging the orders of the board for industrial and financial reconstruction ('bifr' for short) confirmed by the appellate authority both under the act sanctioning a scheme for its rehabilitation under ..... the provisions of the act. under the scheme the sick company has been taken over .....
Tag this Judgment!Court : Delhi
Reported in : 2001IIAD(Delhi)567; 90(2001)DLT1; 2001(57)DRJ606; 2001(1)RLR268
..... of law to be decided which relates to interpretation of section 22 of the sick industrial companies (special provisions) act, 1985 ('sica' for short). as per the provisions of section 22(1) of the sica where in respect of a industrial company an inquiry under section 16 is pending or any scheme referred under section 17 ..... any of the contracts, assurances of property, agreements, settlements, awards, standing orders or other instruments in force, to which sick industrial company is a party or which may be applicable to such sick industrial company immediately before the date of such order, shall remain suspended or that all or any of the rights, privileges, obligations ..... under sections 14 and 17 of the arbitration act, 1940. sub-section (3) of section 22 empowers the board to declare with respect to the sick industrial company concerned that the operation of all or any of the contracts, assurances of property, agreements, settlements, awards, standing orders or other instruments in force, .....
Tag this Judgment!Court : Gujarat
Reported in : [2007]135CompCas243(Guj); [2008]84SCL15(Guj)
..... possession of the properties of the company. being aggrieved by the said order, directing winding up of the company, the appellant-company is before this court with twofold submissions.4 ..... order dated 12th september, 2002 passed in company petition no. 131 of 1989 and the connected group matters, the company court, without admitting the petitions, taking into consideration the board's opinion formed under the provisions of the sick industrial companies (special provisions) act, 1985 [for short `sica'] straightaway allowed the company petitions, directed winding up of the appellant-company and also appointed an official liquidator to take .....
Tag this Judgment!Court : Mumbai
..... 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)."the provisions of section 34(1) clearly state that the rdb act overrides other ..... 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), the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act, 1989 (39 of 1989)."27. after coming into force of the ..... 34. a similar situation arose in maharashtra tubes ltd. v. state industrial and investment corporation of india (1993) 2 scc 144 : (1993 air scw 991) 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 .....
Tag this Judgment!Court : Karnataka
..... 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 ..... 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 .....
Tag this Judgment!Court : Delhi
Reported in : II(2005)BC265; [2006]133CompCas172(Delhi); (2005)3CompLJ287(Del); 115(2004)DLT453; 2005(79)DRJ214; [2005]64SCL261(Delhi)
..... 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), the sick industrial companies (special provisions) act, 1985 (1 of 1986) and the small industries development bank of india act, 1989 (39 of 1989).15. in allahabad bank v. canara bank (supra ..... ), the supreme court was called upon to decide the issue relating to the impact of the provisions of rdb act on the provisions of the companies act ..... during the course of their submissions.13. section 433 of companies act provides as under:-'433. circumstances in which company may be wound up by tribunal. - a company may be wound up by the tribunal,-(a) if the company has, by special resolution, resolved that the company be wound up by the tribunal;(b) if default is .....
Tag this Judgment!Court : Punjab and Haryana
..... was ordered to be wound up on 05.09.2002 on the recommendations of the board for industrial and financial reconstruction constituted under sick industrial companies (special provision) act, 1985 (for short the bifr ).the grievance of the applicant is that the hon ble company judge has passed an order on 28.04.2011, wherein it was noticed that the order of ..... of 2013 (o&m) in capp no.25 of 2012 & r.a.no.3 of 2013 (o&m) in capp no.27 of 2012 appellate authority for industrial and financial reconstruction (for short the aaifr ) and as a consequence recalled the order of winding up and left the matter to be adjudicated upon by aaifr. it ..... the securitization & reconstruction of financial assets and enforcement of security interest act, 2002 against the action of the secured creditor for sale of the property of the company and have remained unsuccessful. learned counsel for the applicant contends that since this court has passed an order of winding up, therefore, the proceedings before this court .....
Tag this Judgment!Court : Supreme Court of India
..... due to slump in the cotton industry affecting the industrial base in south india. the financial constraints compelled the company to make a reference to the board for industrial and financial reconstruction (bifr) under section 15(1) of the sick industrial companies (special provisions) act, 1985 and the bifr by order dated 4.5.1999 declared the appellant-company as a sick industrial company and appointed industrial development bank of india (idbi) as ..... the operating agency. because of the prevalent situation, the appellant-company defaulted in making contributions towards the provident fund .....
Tag this Judgment!Court : Madhya Pradesh
Reported in : [2008(118)FLR979]; (2009)ILLJ374MP; 2008(3)MPHT243
..... /01 before the board of industrial and financial reconstruction at new delhi. it is also held that it is not possible to ..... textile & steel ltd. v. state of orissa and ors. : (2002)illj858sc , has held that company is in loss of more than 400 crores and it has already been undergone bifr and proceedings are going on under the provisions of sick industrial companies (special provisions) act, 1985 with regard to payment of dues to the other party vide case no. 158 ..... and ultimately the order was passed by the labour (commissioner, govt. of m.p., indore on 16-7-1999 (annexure a-3). therefore, the company applied for closure of industry under section 25o of the act before the respondent no. 1 on 29-11-1999.3. the appellant raised an objection before the state government for .....
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