1. Whether any suit is maintainable for recovery of money or enforcement of any security against the Industrial Company while the Company is declared sick and is under rehabilitation? This question arises for consideration in terms of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short "SICA") in this case.

2. The facts, in brief, are that the petitioner is a limited company which went into losses and had got itself registered with the Board of Industrial and Financial Reconstruction, New Delhi (for short "BIFR"). The company was registered with the BIFR in the year 1998. On 30-9-2005, BIFR concluded that the promoters of the Company are not in a position to revive it and that there is no rehabilitation proposal. The Company went in appeal against the said order before the Appellate Authority for Industrial and Financial Reconstruction (for short "AAIFR"). The operation of the order passed by the BIFR was stayed on 30-1-2006. On 13-6-2002 respondent No. 1 Electricity Board filed a civil suit for recovery of a sum of Rs. 28,14,088/- in the Civil Court at Hoshiarpur. The petitioner-company filed an application for dismissal of civil suit befo