(1.) The point raised by the Respondent in this case is that the winding up petition is not maintainable by virtue of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA for short). This question has already generated several decisions by the Apex court but the nodus appears to have drawn a dichotomy of opinion.
(2.) For facility of reference, Section 22(1) of SICA is reproduced below:
(3.) The decision in Maharashtra Tubes Ltd. V. State Industrial & Investment Corporation Limited and Anr., JT 1993 (1) SC 310 : 1993 (2) SCC 144: 1993 AIR SCW 991: 1993(1) SCR 340: [1993] 78 Comp.Cas.803 supports the contention that the present proceedings are not maintainable. It was observed by the Hon'ble Supreme Court as under:
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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