Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2014 (9) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 1287 - DELHI HIGH COURTSuit for recovery of money - Bar under Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) - HELD THAT:- The issue that a simple suit for recovery of moneys is not barred by Section 22 of SICA is clear from the judgment of the Supreme Court in the case of Raheja Universal Limited Vs. NRC Limited and Ors. [2012 (10) TMI 233 - SUPREME COURT]. The ratio of this judgment of the Supreme Court in the case of Apollo International Ltd. Vs. Supriya Pharmaceuticals Ltd. [2012 (10) TMI 1275 - DELHI HIGH COURT] applied in the case of Apollo International Ltd. where it was held that 'In the present case, the suit for recovery of money is a suit for recovery of money simplicitor. Counsel for the plaintiff does not press the interim applications under Order 38 Rule 5 of Code of Civil Procedure, 1908 (CPC) and Order 39 Rules 1 and 2 CPC. Accordingly, in the subject suit, there is no threat to the liquidation of the assets of the sick company and therefore no prior permission is required under Section 22 of SICA.' Therefore, looking at it from any view of the matter that earlier a similar application was dismissed, the fact that petitioner had failed to comply with the repeated directions of the court to show that debt of the respondent/plaintiff was included in the scheme of rehabilitation, that every suit for recovery of moneys does not require prior permission under Section 22 of SICA, and the fact that now since the petitioner/defendant-company is out of BIFR and as stated in the present petition, there is no merit in the petition which is therefore dismissed.
|