Judgment Search Results Home > Cases Phrase: sick industrial companies special provisions repeal act 2003 Page 1 of about 27,058 results (0.356 seconds)

Ashok Organic Industries Ltd. a Company Incorporated Under the Compani ...

Court : Mumbai

Reported in : 2008(3)BomCR78; (2008)110BOMLR531; [2008]114CompCas144(Bom); (2008)3CompLJ61(Bom)

..... the parliament has apparently taken note of this and has repealed sica by the sick industrial companies (special provisions) repeal act, 2003. ..... the company, ashok organic industries limited made a reference to the board of industrial finance and reconstruction (bifr) under the provisions of the sick industrial companies (special provision) act, 1985, hereinafter referred to as 'sica'. ..... intention of parliament can be gathered that the provisions of the sica 1985 are paramount in the case of sick industrial companies and will override any provisions of the companies act, 1956 including those that allow schemes of any kind to be presented in respect of sick industrial companies.the recovery of debts due to banks and financial institutions act 1993 ('the rdb act') was held to override the companies act 1956, to the extent of any inconsistency between the acts even though, both were special acts in view of the non obstante clause contained ..... on a construction of the provisions of sica and the state financial corporation act 1951 the court was pleased to hold that both the acts are special statutes dealing with different situations and the 1985 act being a subsequent enactment, the non obstanate clause therein would ordinarily prevail over the 1951 act in case of sick industrial companies.in jay engineering works ltd. v. .....

Dunlop Factory Employees Union Vs. Dunlop India Ltd. and ors.

Court : Chennai

Reported in : II(2006)BC146; [2005]125CompCas820(Mad); [2006]69SCL42(Mad)

..... learned counsel also pointed out the sick industrial companies (special provisions) repeal act, 2003 (sica) and would submit that after the date of repeal of the original act, all proceedings stand abated.3. ..... the petitioners have not challenged the process by which a decision was arrived at by the authorities under the sick industrial companies (special provisions) act, 1985, to sell the property. ..... therefore, if the asset sales committee proceeded to sell the property in accordance with those directives, such actions stand saved by the provisions of section 5 of the repeal act.20. ..... according to learned senior counsel, the repeal act has a saving clause which saves all actions legitimately taken during the period when the act was in force and in any event, the aaifr had passed final orders directing the asset sales committee (asc) to go on with the sale and therefore, the repeal of the act would hardly affect the consequences flowing from the order passed by the aaifr. ..... the repeal act (central act 1 of 2004) came into force on january 2, 2004 and section 5 thereof provides that the repeal of the act shall not affect the validity, invalidity, effect or consequences of anything already done or suffered, etc. ..... the first respondent-company went into financial difficulties and therefore, a reference was made to the board for industrial and financial reconstruction ('bifr' in short) for framing a scheme. .....

Saketh India Limited Vs. W. Diamond India Limited

Court : Delhi

..... we must immediately take note of the fact that sica has been repealed by sick industrial companies (special provisions) repeal act, 2003. ..... 1170/2006, the appellant/defendant sought the rejection of the plaint under order vii rule 11(d) of the cpc on the ground that it had been declared a sick industrial unit in terms of section 3(1)(o) of sick industrial companies (special provisions) act, 1985 ('sica' for short). ..... such amounts like sales tax, etc, which the sick industrial company is enabled to collect after the date of the sanctioned scheme legitimately belonging to the revenue, cannot be and could not have been intended to be covered within section 22 of the act. ..... a suit for eviction against a sick industrial company is not liable to be stayed under section 22(1) of the sica. ..... while it is yet to be notified, it is significant that provisions akin to section 22 are conspicuous by their absence in the new scheme of revival of sick companies inserted in form of part via, namely, 'revival and rehabilitation of sick industrial comapnies'. ..... if the liabilities of the appellant are covered by the scheme framed under section 22 of the 1985 act, the high court was clearly in error in coming to the conclusion that the provisions thereof are not attracted only because the debt had been incurred after the company was declared to be a sick one.12. .....

Cement Corporation of India Employees Union, Adilabad Cement Factory, ...

Court : Andhra Pradesh

..... it may also be noted that by virtue of the sica repeal act, now there is neither bifr nor separate forum is existing and all the pending proceedings stand updated and now the aspect covered under earlier sica are required to be dealt with under the sick industrial companies (special provisions) repeal act, 2003 (1 of 2004) notified on 28th november, 2016 with effect from 01.12.2016 all things stand ..... any synthesis between environmental aspects and building regulations vis- -vis the scheme floated by the board of industrial and financial reconstruction (for short bifr ) in terms of the provision of the sick industrial companies (special provisions ) act, 1985 ( for short sica herein is possible is the core question involved in these appeals. ..... cci was declared as a sick company within the meaning of section 2(o) of the sick industrial companies act, 1985 (sica) (for short the act ) on 8.8.1996. ..... may also be noted that what is required to be considered by the bifr is the possibility of revival and rehabilitation of the sick industrial company as defined under section 2(o) of the act, but not a unit of the sick company. ..... in terms of the repeal act, the matters relating to any scheme under implementation under sub section 12 of section 18 of the repealed enactment shall be deemed to be a sanctioned scheme are under implementation under section 24d of the companies act, 1956 and shall be dealt with in accordance with the provisions contained in part-via of the companies act, 1956 (1 of .....

Salem Textiles Limited Vs. Authorized Officer of Phoenix Arc Private L ...

Court : Chennai

..... therefore, for resolving the above conflict and sinking all the differences of opinion, it may first be necessary to take note of 3 developments that have taken place, one in the year 2002 in the form of companies (second amendment) act, 2002, the second in the same year 2002 in the form of sick industrial companies (special provisions) repeal act, 2003 and the third in the year 2004 in the form of enforcement of security interest and recovery of debts laws (amendment) act, 2004. ..... with these objects in view, the parliament passed the third enactment, namely, sick industrial companies (special provisions) repeal act, 2003, for abolishing bifr and aaifr, within a few months of the passing of the securitisation act, 2002. ..... parliament has apparently taken note of this and has repealed sica by the sick industrial companies (special provisions) repeal act, 2003. ..... in the automatic abatement of the proceedings before bifr, in view of the third proviso to section 15(1) of the sick industrial companies (special provisions) act, 1985, inserted by way of amendment under act 54 of 2002 (ii) whether the secured creditors are obliged to seek permission of bifr, for taking action under section 13(4), for bringing to an end the proceedings before bifr, when the matter is pending at the stage of section 15 of sick industrial companies (special provisions) act, 1985 (iii) whether the ratio decidendi in triveni alloys limited requires reconsideration or represents the .....

Ashapura Minechem Ltd. Vs.union of India and Ors.

Court : Delhi

..... in the official gazette on the same date; and, whereas, section 252 of the said code amended the sick industrial companies (special provisions) repeal act, 2003 (1of 2004) in the manner specified in the eighth schedule to the said code; and, whereas, the un-amended second proviso to clause (b) of section 4 of the sick industrial companies (special provisions) repeal act, 2003 provides that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of ..... scheme to be binding and for the implementation of scheme under section 261 to 264 of the companies act, 2013; and, whereas, sections 253 to 269 of the companies act, 2013 have been omitted by eleventh schedule to the insolvency and bankruptcy code, 2016; and, whereas, clause (b) of section 4 of the sick industrial companies (special provisions) repeal act, 2003 has been substituted by the eighth schedule to the code, which provides that any appeal preferred to ..... insolvency and bankruptcy code, 2016, in the eighth schedule, relating to amendment to the sick industrial companies (special provisions) repeal act, 2003, in section 4, in clause (b), after the second proviso, the following provisos shall be inserted, namely:-" provided also that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the sick industrial companies (special provisions) act, 1985 shall be deemed to be an approved resolution plan under sub-section (1) of .....

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

Court : Supreme Court of India

..... close on the heels of the amendment made to the companies act came the sick industrial companies (special provisions) repeal act, 2003. ..... the parliament has apparently taken note of this and has repealed sica by the sick industrial companies (special provisions) repeal act, 2003. ..... this particular act was meant to repeal the sick industrial companies (special provisions) act, 1985 consequent to some of its provisions being telescoped into the companies act. ..... consequently, the committee recommended that the sick industrial companies (special provisions) act, 1985 be repealed and the provisions thereunder for revival and rehabilitation should be telescoped into the structure of the companies act, 1956 itself.38. ..... the non obstante clauses in section 22(1) and (4), read with section 32, section 22 of the sick industrial companies (special provisions) act, 1985 will have to give way to the measures taken under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 more particularly referred to in section 13 of the said act, and that this being the case, the sale notices issued both in 2003 and 2013 could continue without in any manner being thwarted by section 22 of the sick industrial companies (special provisions) act, 1985.42. .....

M/S Atv Projects (India) Ltd vs.union of India & Ors.

Court : Delhi

..... eighty days and, whereas, difficulties have arisen regarding review or monitoring of the schemes sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) in view of the repeal of the sick industrial companies (special provisions) repeal act, 2003 and omission of sections 253 to 269 of the companies act, 2013; the section 242 of now, therefore, in exercise of the powers conferred by the sub-section (1) of the insolvency and bankruptcy code, 2016 (31 of 2016), the central government hereby ..... on 28th may, 2016 and was published in the official gazette on the same date; the insolvency and, whereas, section 252 of the said code amended the sick industrial companies (special provisions) repeal act, 2003 (1of 2004) in the manner specified in the eighth schedule to the said code; and, whereas, the un-amended second proviso to clause (b) of section 4 of the sick industrial companies (special provisions) repeal act, 2003 provides that any scheme sanctioned under sub-section (4) or any scheme under implementation under sub-section (12) of section 18 of the .....

State Bank of India Vs. V. Ramakrishnan

Court : Supreme Court of India

..... close on the heels of the amendment made to the companies act came the sick industrial companies (special provisions) repeal act, 2003. ..... this particular act was meant to repeal the sick industrial companies (special provisions) act, 1985 consequent to some of its provisions being telescoped into the companies act. ..... ) the committee recommended that the sick industrial companies (special provisions) act, 1985 be repealed and the provisions thereunder for revival and rehabilitation should be telescoped into the structure of the companies act, 1956 itself.41. ..... the non obstante clauses in sections 22(1) and (4), read with section 32, section 22 of the sick industrial companies (special provisions) act, 1985 will have to give way to the measures taken under the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, more particularly referred to in section 13 of the said act, and that this being the case, the sale notices issued both in 2003 and 2013 could continue without in any manner being thwarted by section 22 of the sick industrial companies (special provisions) act, 1985. ..... it may be noted that the sick industrial companies (special provisions) act, 1985 was repealed on 01.12.2016. .....

Fertilizer Corporation Of India Ltd. Vs. M/s. Coromandal Sacks Private ...

Court : Supreme Court of India

..... the 1985 act was repealed by the sick industrial companies (special provisions) repeal act, 2003 which was notified on 01.12.2016.61. ..... we must immediately take note of the fact that sica has been repealed by sick industrial companies (special provisions) repeal act, 2003. ..... 5366-5367 of 2024 page 79 of 91 whether on approval of a scheme by the bifr under the sick industrial companies (special provisions) act, 1985, an unsecured creditor has the option not to accept the scaled down value of its dues, and to wait till the scheme for rehabilitation of the respondent - sick company has worked itself out, with an option to recover the debt with interest post such rehabilitation?. ..... the original defendants further stated before the trial court that as they had been declared to be a sick company under section 3(1)(o) of the sick industrial companies (special provisions) act, 1985 ( the 1985 act ), the suit for recovery was not maintainable as per section 22(1) of the 1985 act and thus was liable to be dismissed.12. ..... 5366-5367 of 2024 page 82 of 91 the sick industrial companies (special provisions) act, 1985, the unsecured creditors has an option not to accept the scaling down value of its dues and to wait till the rehabilitation scheme of the sick company has worked itself out with an option to recover the debt with interest post such rehabilitation is erroneous and contrary to the scheme of sica, 1985 and the same deserves to be quashed and set aside and is .....