https://www.taxtmi.com/caselaws?id=431496 A sanctioned rehabilitation scheme could not be treated as a resolution plan for invoking liquidation under the Insolvency and Bankruptcy Code once the 24.05.2017 removal of difficulties notification was found to be beyond the scope of the enabling power and had been approved as ineffective by the Supreme Court. With that notification stripped of effect, the scheme did not fall within the statutory definition of a resolution plan, so the basis for an application alleging breach of the scheme and seeking liquidation disappeared. Earlier contrary or incomplete views of other fora did not override the binding Supreme Court ruling, and the application under Sections 33 and 34 was therefore not maintainable. en-us Mon, 12 Dec 2022 00:00:00 +0530 Thu, 15 Dec 2022 09:30:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431496 A sanctioned rehabilitation scheme could not be treated as a resolution plan for invoking liquidation under the Insolvency and Bankruptcy Code once the 24.05.2017 removal of difficulties notification was found to be beyond the scope of the enabling power and had been approved as ineffective by the Supreme Court. With that notification stripped of effect, the scheme did not fall within the statutory definition of a resolution plan, so the basis for an application alleging breach of the scheme and seeking liquidation disappeared. Earlier contrary or incomplete views of other fora did not override the binding Supreme Court ruling, and the application under Sections 33 and 34 was therefore not maintainable. Case-Laws Insolvency and Bankruptcy Mon, 12 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431496