The bench comprising of Justice JB Pardiwala and Justice Sandeep Mehta while concurring with the findings of the High Court observed that the suit for recovery of money against the Sick Company towards the dues which arose under the alleged illegal deductions under the contract would not be barred as stated under Section 22(1) of the Sick Industrial Companies, Special Provisions Act, 1985, the 1985 Act as initiation of such proceedings would not adversely impact the scheme of revival of the company.
The court observed that the suit was a simple suit for recovery of money towards the dues arising under the alleged illegal deductions under the contract. The same cannot be said to be a proceeding initiated in the nature of execution, distress or the like and hence the suit was not hit by Section 22(1) of the 1985 Act.
The court stated that section 22(1) of the 1985 Act provides that subject to the fulfilment of the conditions as it is described in the sub-section, proceedings initiated of the nature mentioned therein shall remain suspended in respect of a sick industrial company.
Diese Geschichte stammt aus der May 04, 2024-Ausgabe von The Business Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der May 04, 2024-Ausgabe von The Business Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
PTerror threat looms, J&K DGP says launch pads active, 70 terrorists waiting
Aroun round 60 to 70 militants remain \"active\" on launch pads across the Line of Control (LoC), despite what Director General of Police Rashmi Ranjan Swain described as a \"degraded capability.\"
ALLAHABAD HIGH COURT DIRECTS JUDICIAL OFFICER TO EXPLAIN PASSING OF TWO CONTRADICTORY ORDERS ON SAME DAY IN SAME CASE
The Allahabad High Court in the case observed and has directed the then Additional Chief Judicial Magistrate of Ghaziabad to file his personal affidavit for passing two contradictory orders on the same day in the same case.
Citizens mobilise for vigilance on counting day
Civil society organisations across the city and country are preparing for a citizen's vigil on June 4, the day election results are announced, to ensure the integrity of the vote-counting process.
Full emergency alert at Mumbai airport after bomb threat note on Vistara flight
A Vistara flight bound for Mumbai from Paris, carrying 306 passengers and crew, received a bomb threat, prompting a full emergency alert at Mumbai Airport, sources said.
Mumbai RJ's song on Pune Porsche case goes viral
The ongoing Pune hit-and-run case has sparked massive outrage online.
₹CORPORATE GAME': RAUT AFTER EXIT POLL PREDICTS THUMPING VICTORY FOR BJP-LED NDA
After exit poll predictions showed the BJP-led NDA gaining a comfortable majority in the Lok Sabha elections, Shiv Sena (UBT) leader Sanjay Raut on Sunday called it a \"corporate game\" and said that the I.N.D.I.A. Alliance is going to form the government by winning 295-310 seats.
Philippines President seeks stronger ties with India, peace in region
President Marcos Jr. became the first Philippine leader to deliver the keynote address at the President opening of the 21st International Institute for Strategic Studies (IISS) Shangri-La Dialogue in Manila on Friday.
May GST collection at Rs 1.73 Lakh Cr: Down from April, Up 10% YoY
The gross Goods and Services Tax (GST) collection for May stood at Rs 1.73 lakh crore, according to the release by the Ministry of Finance.
Exit polls forecast BJP and allies' big win, securing Narendra Modi's third consecutive term
Most exit polls for the Lok MSabha elections 2024 suggest that the Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) is poised to secure another term in power, with Narendra Modi likely to serve as India's Prime Minister for a third consecutive term.
TEL AVIV FLOODED AS 120,000 PROTESTERS DEMAND HOSTAGE SWAP, NETANYAHU'S OUSTER
Anti-government sentiments surged through the streets of Tel Aviv as protesters voiced their demands for a hostage swap deal with Hamas and the removal of Prime Minister Benjamin Netanyahu