https://www.taxtmi.com/caselaws?id=213555 A sanctioned rehabilitation scheme under SICA has statutory force and binds the company and all covered parties until it is lawfully modified or fully worked out. Discharge of the reference by BIFR because the company's net worth became positive does not, by itself, terminate the scheme or permit the Department to withdraw concessions already granted. The proper course for any grievance is enforcement of the scheme, not unilateral resiling from its terms. The Department therefore could not ignore the sanctioned concessions merely because the company's financial position improved, and the writ petitions failed. en-us Wed, 23 Mar 2011 00:00:00 +0530 Tue, 12 Feb 2013 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213555 A sanctioned rehabilitation scheme under SICA has statutory force and binds the company and all covered parties until it is lawfully modified or fully worked out. Discharge of the reference by BIFR because the company's net worth became positive does not, by itself, terminate the scheme or permit the Department to withdraw concessions already granted. The proper course for any grievance is enforcement of the scheme, not unilateral resiling from its terms. The Department therefore could not ignore the sanctioned concessions merely because the company's financial position improved, and the writ petitions failed. Case-Laws Companies Law Wed, 23 Mar 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213555