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1990 (3) TMI 322 - SC - VAT and Sales TaxWhether the panchayat could not recover the amount due to it from out of the properties of the sick industrial company without the consent of the Board? Held that:- Appeal dismissed. High Court was justified in quashing the recovery proceedings taken against the properties of the company as it may be against the principles of equity if the creditors are not allowed to recover their dues from the company, but such creditors may approach the Board for permission to proceed against the company for the recovery of their dues/outstandings/overdues or arrears by whatever name they are called. The Board, as its discretion, may accord its approval for proceeding against the company. If the approval is not granted, the remedy is not extinguished. It is only postponed. Sub-section (5) of section 22 provides for exclusion of the period during which the remedy is suspended while computing the period of limitation for recovering the dues.
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