https://www.taxtmi.com/caselaws?id=279337 An industrial company ceases to remain sick under SICA when its audited balance sheet shows positive net worth and the accumulated losses have been fully wiped out, and BIFR and AAIFR's jurisdiction ends once that statutory condition is met. The Delhi High Court also noted that a secured creditor cannot sustain a challenge to revival measures without showing real prejudice, particularly where the security interest remains protected by mortgage and recovery rights are not impaired. Applying these principles, the challenge to the AAIFR order failed because the company had validly exited the sick company regime and no actionable injury was established. en-us Wed, 21 Oct 2009 00:00:00 +0530 Wed, 13 Mar 2019 17:15:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279337 An industrial company ceases to remain sick under SICA when its audited balance sheet shows positive net worth and the accumulated losses have been fully wiped out, and BIFR and AAIFR's jurisdiction ends once that statutory condition is met. The Delhi High Court also noted that a secured creditor cannot sustain a challenge to revival measures without showing real prejudice, particularly where the security interest remains protected by mortgage and recovery rights are not impaired. Applying these principles, the challenge to the AAIFR order failed because the company had validly exited the sick company regime and no actionable injury was established. Case-Laws Indian Laws Wed, 21 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279337