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2013 (2) TMI 169 - HC - Companies LawReview application - the petitioner company was entitled of benefits u/s 22 of the Sick Industries Companies Act, 1985 (SICA) thus imposition of condition of deposit of 50% of the suit amount was contrary to the provisions of Section 22 of SICA - Held that:- No merit in the instant review application as the law as to the continuation of a suit filed against a sick company is no longer res integra as well laid by in Saketh India Ltd. Vs. W. Diamond India Ltd. (2010 (4) TMI 621 - HIGH COURT OF DELHI) & also by the Supreme Court in Raheja Universal Ltd. Vs. NRC Ltd., (2012 (10) TMI 233 - SUPREME COURT). As all suits including that of recovery are not hit by Section 22 (1) of the SICA, but, only those suits which have the effect of execution, distress or like action against the properties of sick company, which would be hit by this provision. In a simple suit for recovery of money where the properties of sick company are not threatened by the proceedings including the interim ones such as appointment of receiver, execution, distress or the like, such suits could continue without the permission under Section 22. In the present suit for recovery, it cannot be said that the suit is of a nature which has the impact of or threat to the properties of the petitioner to affect the scheme of its revival.Thus, the present suit being the simple suit of recovery under Order 37 CPC, would not be hit by the provision of Section 22 of the SICA. There is no cogent reason warranting review of the said order.
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