- (1.) THIS revision petition by the defendants is directed against the order dated 5-9-2003 passed by the learned additional District Judge (Fast Track) No. 2 sriganganagar Camp Raisinghnagar in Civil suit No. 51/2003 rejecting an napplication moved under Section 22 of the Sick industrial Companies (Special Provisions) Act, 1985 ('the Act of 1985' ).
(2.) BRIEFLY put the relevant facts and aspects of the matter are that the plaintiff-non-petitioner has filed the suit aforesaid for money recovery wherein the defendant-petitioner No. 1 Oswal Spinning and Weaving mills Ltd. ('the Company') moved an application under Section 22 of the Act of 1985 and submitted that a reference made to the board for Industrial and Financial reconstruction ('bifr') in its respect had been registered at No, 348/2002; and the defendant being such an Industrial Company in whose respect an inquiry under Section 16 of the Act of 1985 was pending and scheme for reconstruction was under consideration, therefore, per Section 22 of the Act of 1985 the proceedings in the suit were required to be kept in abeyance.
(3.) THE learned Trial Court has referred to the Schedule to the Securitisation and reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 ('the act of 2002') and has observed that after enforcement of the Act of 2002, no reference would be made in relation to the Sick industrial Companies and even if a reference had been made, after enforcement of the Act of 2002, it would abate unless three-fourth of the amount of dues of the secured creditors was distributed amongst them! The learned Trial Court has also observed that the suit was filed on 13-5-1999 and the Act of 2002 was enforced on 21-6-2002 and the defendant has not shown any proceedings having been taken after enforcement of the act of 2002.;