Ruma Pal J :

1. The respondent filed an application for winding up Bengal Lamps Limited (hereinafter referred to as the Company). The petition was admitted by an order dated 6th March 1960 An appeal was preferred against the order by the company. This application has been filed in the Appeal for Stay of the order dated 9th March 1990. More than two months after the failing of the appeal a reference was made by the Company under s. 15 of the sick Industrial Companies (Special Provisions) Act,1986 (hereinafter referred to as the Act) to the Board of Industrial and Financial Reconstruction (hereinafter referred to as the Board) constituted under the Act. The reference has been registered by the Secretary of the Board under Regulation 19 of the Board for Industrial & Financial Reconstruction Regulations 1987 (hereinafter referred to as the Regulations) on 25th June 1990. These facts were brought on record by way of a supplementary affidavit filed by the company.

2. The only question to be determined is• whether holder there circumstances the winding up proceedings against the company must be stayed under the provisions of s. 22(1) of the Act. No other point' has been put forwar