M/S. Madura Coats Ltd vs M/S. Modi Rubber Ltd. & Anr

The Supreme Court held that the registration of a reference with the Board for Industrial and Financial Reconstruction (BIFR) under Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) is the crucial date for staying proceedings, not the date of filing the application. The Court upheld the High Court's decision to stay the winding up proceedings against Modi Rubber, emphasizing that the winding up order under the Companies Act, 1956 does not conclude the proceedings before the Company Court. The appeal by Madura Coats was dismissed, affirming the High Court's ruling.