INDERJEET ARYA vs ICICI BANK LTD

The Supreme Court addressed the applicability of Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) to directors and guarantors of a sick company. The Court held that the protection under Section 22(1) is not available to the appellants, who are directors and guarantors of M/s Rajat Pharmachem Pvt. Ltd., as established in prior judgments including Kailash Nath Agarwal v. Pradeshiya Industrial & Investment Corporation of U.P. Ltd. (2003) 4 SCC 305. The appeal was dismissed, affirming the High Court's decision that the appellants could not claim such protection.