LAW FOR ALL

Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short “the SICA). - Application for protection of sec.22 (1) of SICA by Guarantors - whether maintainable - Settled law - if the action filed by the Bank comes with in the ambit of term suit, he can obtain protection - if the action of Bank is in the nature of proceedings , he can not avail the protection - in this case , he filed application in proceedings , High court rightly dismissed the application = Inderjeet Arya and another …. Appellants Verses ICICI Bank Limited …. Respondent = Published in judis.nic.in/supremecourt/filename=41087