https://www.taxtmi.com/caselaws?id=312734 A section 9 Insolvency and Bankruptcy Code application was held not maintainable where the underlying claim arose from a SICA-sanctioned rehabilitation scheme treated as a deemed approved resolution plan. Non-implementation or contravention of that scheme had to be pursued under the remedy for breach of a deemed approved resolution plan, not through initiation of CIRP by an operational creditor. The application was also held time-barred because it was filed well after the prescribed period counted from the commencement of the Code. The insolvency petition was rejected, with liberty reserved to pursue the appropriate statutory remedy. en-us Mon, 05 Apr 2021 00:00:00 +0530 Tue, 05 Mar 2024 08:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312734 A section 9 Insolvency and Bankruptcy Code application was held not maintainable where the underlying claim arose from a SICA-sanctioned rehabilitation scheme treated as a deemed approved resolution plan. Non-implementation or contravention of that scheme had to be pursued under the remedy for breach of a deemed approved resolution plan, not through initiation of CIRP by an operational creditor. The application was also held time-barred because it was filed well after the prescribed period counted from the commencement of the Code. The insolvency petition was rejected, with liberty reserved to pursue the appropriate statutory remedy. Case-Laws Insolvency and Bankruptcy Mon, 05 Apr 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312734