( 1 ) THE Respondent has filed the aboveapplication under Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 as amended, read with Section 151 CPC.

( 2 ) THE Arbitrator had passed the award in favour of the Lloyd Insulations (India ) Pvt. Ltd. against the Cement Corporation of India Ltd. The Cement Corporation of India had filed objections against the award. Now the Cement Corporation of India had filed the above application. According to the Respondent/applicant the Company has been referred to the Board of Industrial and Financial Reconstruction (BIFR) under Section 15 of the Act. The same has been registered as Case No. 501/96. According to the Respondent/applicant by virtue of Section 22 of the Act, the proceedings in the suit have to be stayed and can be proceeded only with the consent of the BIFR.

( 3 ) THE Petitioner has filed the reply to the above application staling that the proceedings under the Arbitration Act, 1940 are outside the purview of Section 22 of the Act, The present proceedings are not for recovery of money.

( 4 ) MR. Teneja, learned counsel for the Respondent/applicant submitted that whatever the nature of the proceedi