https://www.taxtmi.com/caselaws?id=238344 A company that no longer satisfies the statutory definition of a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985 falls outside the BIFR revival regime, and the rehabilitation scheme cannot continue to operate on that basis. Where substantial acquisition compensation leaves a surplus after liabilities are met, the company ceases to be "sick" on the facts then existing. Collateral management disputes not arising from the order under challenge are not to be decided in those appeals and must be left to an appropriate proceeding. The wider shareholder controversy was therefore left open, while the temporary working arrangement was permitted to continue. en-us Mon, 23 Sep 2013 00:00:00 +0530 Fri, 12 Aug 2022 12:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=238344 A company that no longer satisfies the statutory definition of a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985 falls outside the BIFR revival regime, and the rehabilitation scheme cannot continue to operate on that basis. Where substantial acquisition compensation leaves a surplus after liabilities are met, the company ceases to be "sick" on the facts then existing. Collateral management disputes not arising from the order under challenge are not to be decided in those appeals and must be left to an appropriate proceeding. The wider shareholder controversy was therefore left open, while the temporary working arrangement was permitted to continue. Case-Laws Companies Law Mon, 23 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=238344