https://www.taxtmi.com/caselaws?id=110469 A rehabilitation scheme under the Sick Industrial Companies Act, 1985 was treated as substantially implemented where bank and financial institution dues had been cleared and only limited residual liabilities remained. In those circumstances, the Delhi HC set aside BIFR's declaration that the scheme had failed and its consequential direction for change of management, noting the promoters' undertaking to clear the outstanding amounts. The Court also noted that a modification application under section 18(5) was pending before BIFR and should be considered expeditiously. No opinion was expressed on the merits of that modification request, which was left to BIFR to decide independently. en-us Wed, 21 Jul 2004 00:00:00 +0530 Mon, 16 Apr 2012 18:54:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110469 A rehabilitation scheme under the Sick Industrial Companies Act, 1985 was treated as substantially implemented where bank and financial institution dues had been cleared and only limited residual liabilities remained. In those circumstances, the Delhi HC set aside BIFR's declaration that the scheme had failed and its consequential direction for change of management, noting the promoters' undertaking to clear the outstanding amounts. The Court also noted that a modification application under section 18(5) was pending before BIFR and should be considered expeditiously. No opinion was expressed on the merits of that modification request, which was left to BIFR to decide independently. Case-Laws Companies Law Wed, 21 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110469