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The petition under section 434 of the Companies Act, 1956, sought winding up of Partap Rajasthan Special Steels Ltd. due to financial losses. The company was declared a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985. The court held that the company petition proceedings do not abate due to proceedings under the Act of 1985. The petition proceedings were frozen, and the petitioner could seek revival after the Act of 1985 proceedings conclude.
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