2006 (4) TMI 267

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..... turn has been filed stating that the company was declared as "sick industrial undertakings" and the matter is still pen ding before the Board for Industrial and Financial Reconstruction. In the counter affidavit of Arvind Kumar Dave, it is stated that reference was registered by the Board for Industrial and Financial Reconstruction as Case No. 149 of 1994. The company was declared a sick industr .....

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..... 8, 2005. The matter is still pending before the Board for Industrial and Financial Reconstruction for finalisation of scheme of rehabilitation under section 22(1) of the Act. This court has already taken a view that the bar under section 22(1) -of the Sick Industrial Companies (Special Provisions) Act 1985, is applicable as soon as the reference is received under section 15(1) of the Act and i .....

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..... y petition to wind up the company or await the conclusion of the proceedings under the Act of 1985. It goes without saying that under section 22(5), the period of limitation during the pendency of the proceedings before the Board for Indus trial and Financial Reconstruction or Appellate Authority for Industrial and Financial Reconstruction under the Act of 1985, shall remain suspended. - - TaxT .....

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