https://www.taxtmi.com/caselaws?id=183324 The court ruled that an unsecured creditor has the right to choose not to accept reduced dues under a BIFR-approved scheme and can wait for full debt recovery post-rehabilitation. It emphasized that BIFR cannot force creditors to accept reduced amounts without consent, as it would alter contracts unlawfully. The court clarified that Section 391 of the Companies Act, requiring creditor consent for schemes, does not apply to BIFR schemes. The petitioner's plea was upheld, setting aside the AAIFR's order and allowing the creditor to wait for full debt recovery without being bound by the approved scheme's options. en-us Tue, 31 Jul 2012 00:00:00 +0530 Mon, 06 Jun 2016 10:20:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=183324 The court ruled that an unsecured creditor has the right to choose not to accept reduced dues under a BIFR-approved scheme and can wait for full debt recovery post-rehabilitation. It emphasized that BIFR cannot force creditors to accept reduced amounts without consent, as it would alter contracts unlawfully. The court clarified that Section 391 of the Companies Act, requiring creditor consent for schemes, does not apply to BIFR schemes. The petitioner's plea was upheld, setting aside the AAIFR's order and allowing the creditor to wait for full debt recovery without being bound by the approved scheme's options. Case-Laws Companies Law Tue, 31 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=183324