{"id":54441,"date":"2016-07-02T14:14:07","date_gmt":"2016-07-02T08:44:07","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=54441"},"modified":"2016-08-20T15:06:47","modified_gmt":"2016-08-20T09:36:47","slug":"no-proceedings-against-the-assets-of-the-company-can-be-taken-before-any-decision-is-taken-by-the-bifr","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/07\/02\/no-proceedings-against-the-assets-of-the-company-can-be-taken-before-any-decision-is-taken-by-the-bifr\/","title":{"rendered":"No proceedings against the assets of the company can be taken before any decision is taken by the BIFR"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Supreme Court <\/strong>: While dealing with the issue relating to jurisdiction of BIFR in winding up proceedings, the Court held that winding up proceedings before the Company Court cannot continue after a reference has been registered by the BIFR and an enquiry has been initiated under Section 16 of the SICA<\/p>\n<p style=\"text-align: justify;\">In the present case, the appellants Madura Coats had filed a petition in the Company Court for winding up of Modi Rubbers on the allegation that Modi Rubbers was unable to pay its huge undisputed debts. The Company Court passed an order for winding up of the Company. Modi Rubbers appealed before the Divisional bench of the High Court which had set-aside the order of the Company Court on the pretext that Modi Rubbers had made an application to BIFR- Board of Industrial &amp; Financial Reconstruction under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and hence should be entitled to the benefits of the provisions of Section 22 of the SICA. The\u00a0 Court discovered that Modi Rubbers was willing to pay the dues to Madhura Coats in terms of the rehabilitation scheme passed by BIFR. The Court also based it\u2019s reliance on Real Value Appliances Ltd. v. Canara Bank, (1998) 5 SCC 554, where the question was raised that whether on the registration of a reference, the Division Bench of the High Court could pass orders in an appeal against an interim order passed by the Company Court , to which the Court had replied that the SICA is intended to revive and rehabilitate a sick industry before it can be wound up under the Companies Act. The legislative intention is to ensure that no proceedings against the assets of the company are taken before any decision is taken by the BIFR because if the assets are sold or the company is wound up, it may become difficult to later restore the <em>status quo ante<\/em>.<\/p>\n<p style=\"text-align: justify;\">The bench comprising of Madan B. Lokur J., finally concluded that the Company Court and the BIFR do not exercise concurrent jurisdiction. Till the company remains a sick company having regard to the provisions of sub-section (4) of Section 20 [of the SICA], BIFR alone shall have jurisdiction as regards sale of its assets till an order of winding up is passed by a Company Court and hence set aside the order passed by the Company Court and upheld the order passed by the Divisional bench of High Court.\u00a0[Madura Coats Limited v. Modi Rubber Ltd., <a href=\"http:\/\/www.scconline.com\/LoginForNewsLink\/2016_SCC_OnLine_SC_626\"><strong>2016 SCC OnLine SC 626<\/strong><\/a>, decided on 29.06.2016]<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court : While dealing with the issue relating to jurisdiction of BIFR in winding up proceedings, the Court held that winding <\/p>\n","protected":false},"author":3,"featured_media":27341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,9],"tags":[7691,7711,7701,5363,7721],"class_list":["post-54441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-supremecourt","tag-bifr","tag-company-court","tag-sica","tag-supreme-court","tag-winding-up"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - 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The Insolvency and Bankruptcy Code, 2016","author":"Bhumika Indulia","date":"November 21, 2020","format":false,"excerpt":"by Amir Arsiwala* & Ishan J Ravindranath**","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2020\/11\/company-law.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":285008,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/24\/period-of-suspension-of-legal-proceedings-is-excludable-in-computing-the-period-of-limitation-for-enforcement-of-right-in-terms-of-s-225-sica-supreme-court-legal-research-lega\/","url_meta":{"origin":54441,"position":1},"title":"Period of suspension of legal proceedings is excludable in computing limitation period for enforcement of right under Section 22(5), SICA: Supreme Court","author":"Apoorva","date":"February 24, 2023","format":false,"excerpt":"Supreme Court held that the period of suspension of legal proceedings is excludable in computing the period of limitation for the enforcement of such right in terms of Section 22(5), SICA. Further, the dismissal of the application under Section 9, IBC on the ground of \u2018pre-existing dispute\u2019 cannot be held\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-526.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-526.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-526.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/MicrosoftTeams-image-526.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":287313,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/20\/unsecured-creditors-bound-to-accept-scaled-down-value-of-dues-vis-vis-object-and-purpose-of-sica-1985-legal-news-legal-research-updates\/","url_meta":{"origin":54441,"position":2},"title":"Unsecured creditors vis-\u00e0-vis object of SICA, 1985: Rehabilitation scheme binds all, holds Supreme Court","author":"Editor","date":"March 20, 2023","format":false,"excerpt":"To make the company viable, the unsecured creditor would have to sacrifice to some extent otherwise the revival efforts would fail, observed the Supreme Court..","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Unsecured creditors","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-788.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":216778,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/07\/12\/bom-hc-statutory-disability-to-prosecute-accused-under-s-138-of-ni-act-is-not-removed-by-enforcement-of-sica-repeal-act\/","url_meta":{"origin":54441,"position":3},"title":"Bom HC | Statutory disability to prosecute accused under S. 138 of NI Act is not removed by enforcement of SICA Repeal Act","author":"Bhumika Indulia","date":"July 12, 2019","format":false,"excerpt":"Bombay High Court:\u00a0Rohit B. Deo, J. allowed a petition filed against the order of the trial court whereby it had issued process against the accused-petitioners for the offence punishable under Section 138\u00a0(dishonour of cheque)\u00a0of the Negotiable Instruments Act, 1881. The accused were a company registered under the Companies Act and\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2016\/09\/Bombay-HC.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":206816,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/12\/14\/provisions-of-ib-code-must-prevail-over-section-434-of-companies-act-if-there-is-any-inconsistency-sc\/","url_meta":{"origin":54441,"position":4},"title":"Provisions of I&#038;B Code must prevail over Section 434 of Companies Act if there is any inconsistency: SC","author":"Bhumika Indulia","date":"December 14, 2018","format":false,"excerpt":"Supreme Court: A Bench comprising of R.F. Nariman and M.R. Shah, JJ. allowed an appeal filed against the order of Rajasthan High Court whereby it refused to transfer winding up proceedings pending before it to National Company Law Tribunal (NCLT). The account of Jaipur Metals and Electrical Ltd. had become\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/09\/Supreme-Court_Colour.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":174974,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/12\/11\/delhi-high-court-upholds-vires-s-4b-sick-industrial-companies-special-provisions-repeal-act-2003\/","url_meta":{"origin":54441,"position":5},"title":"Delhi High Court upholds the vires of S. 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003","author":"Saba","date":"December 11, 2017","format":false,"excerpt":"Delhi High Court: A Division Bench comprising of Sanjiv Khanna and Pratibha M. Singh, JJ dismissed a writ petition before it which challenged the constitutional validity of Section 4(b) of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (hereinafter the \u2018Repeal Act\u2019). 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