CENTRAL BANK OF INDIA Vs. MADALSA INTERNATIONAL LIMITED

JUDGEMENT

(1.) THE defendants by this chamber summons pray that the execution of the decree dated 16-04-1996 passed by this Court against any of assets of defendants in particular that of defendant Nos. 2 and 3 be stayed.

(2.) IN the affidavit in support of the chamber summon, it is averred that defendant No. 1 has filed reference with the Board for Industrial and Financial Reconstruction (for short B. I. F. R.) on 09-03-1997 and since the defendant Nos. 2 and 3 are guarantors they are also entitled to protection under Section 22 (1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short SICA, 1985) and decree cannot be executed against their estate without obtaining permission of B. I. F. R.

(3.) DURING the course of arguments, the learned counsel appearing for defendants informed the Court that the reference has been registered on 10-04-1997 bearing Case No. 47 of 1997.