https://www.taxtmi.com/caselaws?id=459770 Jurisdiction under SICA continues only while a company remains a sick industrial company within section 3(1)(o). Once audited accounts show a positive net worth and the company is no longer sick, the statutory foundation for BIFR and AAIFR proceedings ends, and discharge from SICA follows. The analysis rejects the view that revival of operations must first be shown before discharge; cessation of sickness itself is sufficient to terminate jurisdiction. On the facts noted, the company had become non-sick and secured creditors had been paid, so continued BIFR jurisdiction was unsustainable. en-us Mon, 22 Feb 2010 00:00:00 +0530 Fri, 27 Dec 2024 13:09:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459770 Jurisdiction under SICA continues only while a company remains a sick industrial company within section 3(1)(o). Once audited accounts show a positive net worth and the company is no longer sick, the statutory foundation for BIFR and AAIFR proceedings ends, and discharge from SICA follows. The analysis rejects the view that revival of operations must first be shown before discharge; cessation of sickness itself is sufficient to terminate jurisdiction. On the facts noted, the company had become non-sick and secured creditors had been paid, so continued BIFR jurisdiction was unsustainable. Case-Laws Indian Laws Mon, 22 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459770