JUDGMENT

Sethi, J.-On being satisfied that the appellant-company was unable to meet the obligations of making the payment of the amounts due to the creditors, the learned Single Judge of the High Court vide his order dated 5th September, 1997 directed its winding up. Official Liquidator attached to the Court was appointed as liquidator of the company with directions to take charge of the assets and other properties of the appellant-company. The notice of the winding up order was directed to be published in the Indian Express and Dainik Tribune. The operation of the order of the learned Single Judge was stayed by the Division Bench of the High Court in Civil Appeal No. 26 of 1997 on 18.9.1997. The appellant thereafter filed Reference under Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the Act ) before the Board for Industrial and Financial Reconstruction (hereafter referred to as "the Board". The appellant then moved an application in the High Court under Section22 of the Act with a prayer for staying the proceedings arising out of the Company Petition No. 111 of 1985 which was the subject matter of Company Appeal No. 26 of