- (1.) Leave granted Introduction
(2.) Interpretation/application of the provisions of the Sick Industrial Companies (Special provisions) Act, 1984 (SICA) vis- '-vis the Companies Act, 1956 (1956 Act) is in question in this appeal which arises out of a judgment and order dated 16th October, 2006 passed by a Division Bench of the High Court of Judicature at Bombay in Appeal No.725 of 2006 arising out of a judgment and order dated 13th February, 2006 passed by a learned Single Judge of the Bombay High Court approving a Scheme filed by the respondent herein in Company Petition No.470 of 2005 which was under Section 391 of the 1956 Act. Background Facts:
(3.) First respondent is a company registered and incorporated under the 1956 Act. It took loan from Tata Finance Ltd, predecessor-in-interest of the appellant on interest @ 18% per annum. Disputes and differences arose between the parties, which were referred to arbitral tribunal. An award was passed on 30th July, 2002 in the Arbitration proceedings for a sum of Rs.1,51,36,795/- together with interest @ 18% per annum till payment and/or realization. It is stated that the total amount due to the appellant from the respondent would be near about 5.7 crores of rupees. There were other secured and unsecured creditors also. Proceedings under SICA;