Victory! My radical and slightly far-fetched (although I say so myself) arguments under SICA worked and I won the case! The judge passed an order stating that Section 22 of SICA would only be applicable in execution proceedings against a sick company's properties and not against directors of the company or against any other action. and with such observations, the execution proceedings could go on.

I think this is a situation where you know that the argument you have is not really valid but no harm using it as you have nothing else in your favour - and lo and behold, it works.

Its been a long and tiring day - literally running in the court corridors. Fun, but thoroughly exhausted.