9911796707
TMI Blog2004 (11) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies (Special Provisions) Act, 1985. - Held that it is obligatory for the first respondent to apply for necessary consent from the appellate authority before taking any execution proceedings for realising the amount due to them. - In these circumstances, the proper course open to the first respondent is to approach the Appellate Authority under the Act and obtain consent before proceeding to realize any amount in execution of the order passed under the Income-tax Act or the Wealth-tax Act as the case may be. - - - - - Dated:- 23-11-2004 - Judge(s) : P. R. RAMAN. JUDGMENT P.R. Raman J.- This writ petition is filed by the petitioner seeking for the following reliefs: (a) issue a writ of certiorari or other appropriate writ, o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said Act or other law, no proceedings for the winding up of the industrial company or for execution, distress or the like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof and no suit for the recovery of money or for the enforcement of any security against the industrial company or of any guarantee in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on is widely couched to take in any proceeding for execution for realisation of the amount due from the company in respect of which any proceedings are pending before the appellate authority. Going by the scheme of the Act, it can be seen that when a matter is referred to the Board under the provisions of the "SICA" it is for the specially constituted Tribunal to consider whether the industry could be revived and whether any scheme should be prepared and to prepare a scheme, if viable. With that object in mind, until consideration of the matter the Legislature has thought it fit to stay further proceedings in any execution, distress or the like, as otherwise, the very object sought to be achieved by the said Act will be defeated. Therefore, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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