ARUN KUMAR, A.K.SIKRI
LLOYD INSULATIONS INDIA PRIVATE LIMITED – Appellant
Versus
CEMENT CORPORATION OF INDIA LIMITED – Respondent
( 1 ) THESE two appeals involve same question of law to be decided which relates to interpretation of Section 22 of The Sick Industrial Companies (Special Provisions) Act, 1985 ("sica" for short ). As per the provisions of Section 22 (1) of the SICA where in respect of a industrial company an inquiry under Section 16 is pending or any scheme referred under Section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under Section 25 relating to an industrial company is pending, then, among others, no suit for recovery of money shall lie or be proceeded with further, except with the consent of the Board or, as the case may be, the Appellate Authority. It is therefore an admitted position that in respect of such an industrial company no civil suit for recovery of money is maintainable and if it is pending it is not be proceeded with further. Further progress of proceedings in such a suit have to be halted and the suit can proceed only if Board or Appellate Authority consents for the same. The question to be determined is as to whether this bar would apply to arbitration proceedings pending under Sections 14 and 17 of
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