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TMI Blog2012 (10) TMI 1275X X X X Extracts X X X X X X X X Extracts X X X X ..... take prior permission of Board for Industrial and Financial Reconstruction (BIFR)/Appellate Authority for Industrial and Financial Reconstruction(AAIFR) before continuing with the suit. 2. The law is now however settled by a Division Bench judgment of three Judges of the Supreme Court in the case of Raheja Universal Limited Vs. NRC Limited and Ors. (2012) 4 SCC 148. Paras 55, 58 and 77 to 81 of the said judgment are relevant and the same read as under:- 55. Despite these judgments and with an intention to clarify the law, we would state that the matters which are connected with the sanctioning and implementation of the scheme right from the date on which it is presented or the date from which the scheme is made effective, whichever is earl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al company. The proceedings, taken by way of execution, distress or the like, may have the effect of destabilizing the finalization and/or implementation of the scheme of revival under consideration of the BIFR. It appears that, the Legislature intended to ensure that no impediments are created to obstruct the finalization of the scheme by the specialized body. To protect the industrial growth and to ensure revival, this preventive provision has been enacted. The provision has an overriding effect as it contains non obstante clauses not only vis-- vis the Companies Act but even qua any other law, even the memorandum and articles of association of the industrial company and/or any other instrument having effect under any other Act or law. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the BIFR. Again, the intention is to protect the properties/assets of the sick industrial company, which is the subject matter of the scheme. 80. It is difficult to state with precision the principle that would uniformly apply to all the proceedings/suits falling under Section 22(1) of the Act of 1985. Firstly, it will depend upon the facts and circumstances of a given case, it must satisfy the ingredients of Section 22(1) and fall under any of the various classes of proceedings stated thereunder. Secondly, these proceedings should have the impact of interfering with the formulation, consideration, finalization or implementation of the scheme. 81. Once these ingredients are satisfied, normally the bar or limitation contained in Section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Section 22 of SICA. The defendant will now positively file the written statement within a period of six weeks from today failing which the right to file the written statement shall stand closed inasmuch as no written statement has been filed in this suit of the year 1999 till today i.e for about 13 years. Replication be filed within a period of two weeks of filing the written statement. Parties to file documents in their power and possession alongwith their pleadings. Admission/denial of such documents will be done by preparing an index of documents of other side and adding an additional column which will contain the endorsement of admission/denial. Affidavits be filed in support of admission/denial of documents. 6. List before the Joint ..... X X X X Extracts X X X X X X X X Extracts X X X X
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