The question is whether the Panchayat could not recover the amount due to it from out of the properties of the sick industrial company without the consent of the Board? Section 22 provides, as far as material, as follows: "Section 22 Suspension of Legal Proceedings, contracts, etc (1) Where in respect of an industrial company, an inquiry under Section 16 is pending or any scheme referred to under Section 17 is under preparation or consideration or a sanc tioned scheme is under implementation or where an appeal under Section 25 relating to an industrial company 969 is pending, then, notwithstanding anything contained in the , or any other law or the memorandum and articles of association of the Industrial Company or any other instrument having effect under the said Act or other law, no proceedings for the winding up of the industrial company or for execution, distress or the like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof shall lie or be proceeded with further, except with the consent of the Board or, as the case may be, the Appellate Authority.