https://www.taxtmi.com/caselaws?id=458824 A draft rehabilitation scheme under section 19(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 binds the concerned financial institution by deemed consent if no objection is raised within the statutory period. Where the circulated scheme contemplates financial assistance or sacrifice from a public financial institution, silence within the prescribed time attracts the statutory legal fiction of consent. A later denial of approval cannot override the consequence of non-response. The practical effect is that the institution remains bound by the sanctioned one-time settlement, including compliance steps such as issuing a no dues certificate. en-us Mon, 30 Nov 2009 00:00:00 +0530 Mon, 18 Nov 2024 12:57:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=458824 A draft rehabilitation scheme under section 19(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 binds the concerned financial institution by deemed consent if no objection is raised within the statutory period. Where the circulated scheme contemplates financial assistance or sacrifice from a public financial institution, silence within the prescribed time attracts the statutory legal fiction of consent. A later denial of approval cannot override the consequence of non-response. The practical effect is that the institution remains bound by the sanctioned one-time settlement, including compliance steps such as issuing a no dues certificate. Case-Laws Indian Laws Mon, 30 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=458824