https://www.taxtmi.com/caselaws?id=359000 A BIFR-sanctioned rehabilitation scheme that remained under implementation was treated as a deemed approved resolution plan under the Insolvency and Bankruptcy Code, 2016, because the removal of difficulties order brought such schemes within section 31(1). On alleged contravention of that scheme, the appropriate remedy lay before the National Company Law Tribunal under the Code's liquidation framework, since section 33 governs relief for a person prejudicially affected by breach of a resolution plan. The High Court therefore directed transfer of the pending records and proceedings to the NCLT for further action under the insolvency regime. en-us Thu, 12 Apr 2018 00:00:00 +0530 Mon, 23 Apr 2018 07:06:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359000 A BIFR-sanctioned rehabilitation scheme that remained under implementation was treated as a deemed approved resolution plan under the Insolvency and Bankruptcy Code, 2016, because the removal of difficulties order brought such schemes within section 31(1). On alleged contravention of that scheme, the appropriate remedy lay before the National Company Law Tribunal under the Code's liquidation framework, since section 33 governs relief for a person prejudicially affected by breach of a resolution plan. The High Court therefore directed transfer of the pending records and proceedings to the NCLT for further action under the insolvency regime. Case-Laws Companies Law Thu, 12 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359000