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2011 (3) TMI 1467 - HC - Companies LawNet worth had become positive - Whether the discharge of the reference by the BIFR, on the sick industrial company’s net worth becoming positive, would entitle the Department to withdraw the concessions which form part of a sanctioned scheme – Held that:- Department cannot resile from the concessions made at the stage when the scheme was formulated and sanctioned merely because the net worth of the company at whose behest the scheme was sanctioned has become positive. That part of the sanctioned scheme which remains to be implemented will have to be implemented. no ground made out to exercise jurisdiction under article 226 of the Constitution of India, since the department seems to be aggrieved by only that part of the impugned orders which tend to bind the department to the sanctioned scheme even after the BIFR has discharged the reference. As observed whether or not the BIFR implements the sanctioned scheme, it continues to bind the Department. writ petitions are dismissed
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