https://www.taxtmi.com/caselaws?id=312735 NCLT Ahmedabad dismissed liquidation petition filed under Section 33(4) of IBC, 2016 against respondent company. Applicant alleged breach of rehabilitation scheme sanctioned in 2005 under SICA. Tribunal held that rehabilitation scheme approved by AAIFR cannot be treated as Resolution Plan under Section 5(26) of IBC, 2016, as it was not approved by Committee of Creditors as mandated under Section 30(4) of IBC. Without valid Resolution Plan, no breach could occur, rendering application under Section 33(4) unmaintainable. Petition dismissed on grounds of non-maintainability. 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 NCLT Ahmedabad dismissed liquidation petition filed under Section 33(4) of IBC, 2016 against respondent company. Applicant alleged breach of rehabilitation scheme sanctioned in 2005 under SICA. Tribunal held that rehabilitation scheme approved by AAIFR cannot be treated as Resolution Plan under Section 5(26) of IBC, 2016, as it was not approved by Committee of Creditors as mandated under Section 30(4) of IBC. Without valid Resolution Plan, no breach could occur, rendering application under Section 33(4) unmaintainable. Petition dismissed on grounds of non-maintainability. Case-Laws Insolvency and Bankruptcy Wed, 22 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312735