https://www.taxtmi.com/caselaws?id=312735 A sanctioned rehabilitation scheme under the Sick Industrial Companies regime cannot be treated as a Resolution Plan under the Insolvency and Bankruptcy Code unless it fits the Code's definition and statutory framework. The 24.05.2017 notification, which sought to deem such schemes as approved resolution plans, was considered to exceed the removal of difficulties power. The text further notes that breach of such a scheme cannot itself justify liquidation under Section 33(4) where the scheme was never a valid Resolution Plan and was not approved by the Committee of Creditors as required for resolution plans. en-us Wed, 22 Dec 2021 00:00:00 +0530 Tue, 05 Mar 2024 08:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312735 A sanctioned rehabilitation scheme under the Sick Industrial Companies regime cannot be treated as a Resolution Plan under the Insolvency and Bankruptcy Code unless it fits the Code's definition and statutory framework. The 24.05.2017 notification, which sought to deem such schemes as approved resolution plans, was considered to exceed the removal of difficulties power. The text further notes that breach of such a scheme cannot itself justify liquidation under Section 33(4) where the scheme was never a valid Resolution Plan and was not approved by the Committee of Creditors as required for resolution plans. Case-Laws Insolvency and Bankruptcy Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312735