AR. LAKSHMANAN J.

The plaintiff above-named filed a memo under section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as "the Act"), to stay the proceedings in C. S. No. 439 of 1992, on the ground that no suit for recovery of money or enforcement of any security against the industrial company or of any guarantee in respect of any loan or advance granted to the industrial company shall lie or be proceeded with further except with the consent of the Board for Industrial and Financial Reconstruction (hereinafter referred to as "the Board"). In view of the said amendment to the Act by Amendment Act 12 of 1994, the company suit cannot be proceeded with inasmuch as there is a counter-claim seeking recovery of the money against the plaintiff. The plaintiff, therefore, prayed that since the plaintiff is a sick industrial undertaking and due to the amended provisions of section 22 of the Act, the suit cannot be proceeded with as the provisions are mandatory. The first defendant filed C. P. No. 69 of 1991 in this court on July 25, 1991, for winding up of the plaintiff on the ground that it had failed and neglected to pay the sum of Rs.