https://www.taxtmi.com/caselaws?id=459776 Under SICA, where rehabilitation has been delayed and earlier revival efforts have failed, the operating agency may be substituted to support effective implementation of the sanctioned scheme; here, IDBI was appointed in place of PNB. The Board was also held entitled to permit sale of surplus assets as part of the revival process, provided the sale was transparent and the proceeds remained under the control of the operating agency for use under the rehabilitation scheme. Settlement of unsecured creditors had to proceed without discrimination and within the framework of the sanctioned revival plan. en-us Fri, 09 Oct 2009 00:00:00 +0530 Fri, 27 Dec 2024 18:29:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459776 Under SICA, where rehabilitation has been delayed and earlier revival efforts have failed, the operating agency may be substituted to support effective implementation of the sanctioned scheme; here, IDBI was appointed in place of PNB. The Board was also held entitled to permit sale of surplus assets as part of the revival process, provided the sale was transparent and the proceeds remained under the control of the operating agency for use under the rehabilitation scheme. Settlement of unsecured creditors had to proceed without discrimination and within the framework of the sanctioned revival plan. Case-Laws Indian Laws Fri, 09 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459776