Suit for Money recovery One civil suit has been filled by our company in lower court for recovery of money from Defendant Company on 03/01/2008. Previously notice also sent for this purpose. Defendant filed reply in the Court that due to financial losses obligation cast under SICA-1985 and they also filed reference u/ Sec-15 of SICA before BIFR. By order dated 05.09.2006 BIFR Declared Company as Sick Company within meaning of Sec.2 (o) of SICA therefore defendant submitted that the proceedings in the present suit cannot be continued in view of the bar of Section 22 of the SICA except with the leave of BIFR they also prayed for stay on proceedings. At this stage I need the support and want know what I have to do? And some Judgement also required for the support of my side. Is there any other way to recover the money form the defendants?

Answer by Lawyer


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