JUDGMENT

Dr. AR. Lakshmanan, J.

This appeal was filed against the impugned interlocutory judgment and order dated 19.3.2003 passed in Notice of Motion No. 72/2002 in Notice No. 180 of 2001 by the High Court of Judicature at Bombay whereby the reference made by the learned single Judge with regard to the question of law was answered against the appellant herein.

The appellant herein is Paramjeet Singh Patheja(guarantor), judgment debtor and the respondent is ICDS Ltd, a Company incorporated under the provisions of the Companies Act, 1956.

On 30.10.1998 the said company was registered with the Board of Industrial Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special provisions) Act, 1995. The appellant was a party to arbitration proceedings initiated by the respondents to recover amounts alleged to be due and payable from one Patheja Forgings and Auto Parts Manufactures Ltd. (hereinafter referred to as the company). The appellant was sought to be sued in his purported capacity as guarantor of the dues of the said company.

On 09.03.2000, a letter was sent informing the Arbitrators that the company has been registered under section 15 of the Sick I