SICA scheme implementation must be complete; positive net worth alone cannot end statutory supervision or deny promised concessions.

A sanctioned scheme under SICA must be implemented as an indivisible whole, and a company cannot be taken out of the Act's purview merely because its net worth has become positive if the scheme remains incomplete. The corresponding reliefs and concessions promised under the scheme cannot be withheld while only the obligations are enforced. Pending proceedings in another High Court did not end the statutory process, and monitoring, implementation, and breach-related action continued to lie with the BIFR and AAIFR. The impugned orders were set aside, and the matter was directed back to the BIFR for full monitoring and implementation of the sanctioned scheme.

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Issues: Whether a company could be discharged from the purview of the Sick Industrial Companies (Special Provisions) Act, 1985 merely because its net worth had turned positive, when the sanctioned scheme had not been fully implemented and the concessions contemplated under the scheme remained unimplemented.

Analysis: A sanctioned scheme under the Sick Industrial Companies (Special Provisions) Act, 1985 has to be understood and implemented as a whole. Partial implementation cannot be accepted where it would allow only the obligations to be enforced while depriving the company of the corresponding reliefs and concessions promised under the scheme. The pendency of proceedings in another High Court did not justify cessation of the statutory process under SICA. The powers relating to monitoring, implementation, and action for breach of the sanctioned scheme remained with the BIFR and AAIFR under the statutory framework.

Conclusion: The discharge of the company from the purview of SICA was not justified merely on the ground of positive net worth when the sanctioned scheme had not been implemented in its entirety.

Final Conclusion: The impugned orders were set aside and the matter was directed to go before the BIFR for monitoring and implementation of the sanctioned scheme in full.

Ratio Decidendi: A sanctioned scheme under SICA must be implemented as an indivisible whole, and the statutory authorities alone retain jurisdiction to monitor and enforce its implementation until the scheme is fully carried out.

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