https://www.taxtmi.com/caselaws?id=459120 An order made at the section 17(2) stage of SICA, assessing whether revival was practicable and allowing the company time to improve its net worth, does not become a sanctioned rehabilitation scheme under section 18 unless a draft scheme is circulated, considered, revised and finally approved. On that basis, the BIFR order dated 27.12.1999 was not a section 18 scheme. Section 22 protection applies only where a reference or sanctioned rehabilitation scheme is actually pending under SICA; once the company had ceased to be sick and no scheme was operative, DRT proceedings and SARFAESI measures were not stayed. The creditors were therefore free to pursue independent statutory remedies. en-us Thu, 14 May 2015 00:00:00 +0530 Mon, 02 Dec 2024 19:08:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459120 An order made at the section 17(2) stage of SICA, assessing whether revival was practicable and allowing the company time to improve its net worth, does not become a sanctioned rehabilitation scheme under section 18 unless a draft scheme is circulated, considered, revised and finally approved. On that basis, the BIFR order dated 27.12.1999 was not a section 18 scheme. Section 22 protection applies only where a reference or sanctioned rehabilitation scheme is actually pending under SICA; once the company had ceased to be sick and no scheme was operative, DRT proceedings and SARFAESI measures were not stayed. The creditors were therefore free to pursue independent statutory remedies. Case-Laws Indian Laws Thu, 14 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459120