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2018 (10) TMI 202 - AT - Insolvency and BankruptcyCorporate insolvency process - Adjudicating Authority refused to extend the period of scheme for further five years which was prepared by BIFR under the provisions of Sick Industrial Companies (Special Provisions), Act, 1985 - Held that:- In absence of any provision to review the scheme already sanctioned under sub-section (1) of Section 31 of the I&B Code, the Adjudicating Authority held that the scheme having already approved and as the company failed to turn its net worth positive within the period of sanctioned scheme, it will be presumed that the ‘corporate applicant’ has violated the sanctioned scheme, which will result in liquidation proceedings. Having heard the learned counsel for the parties, we also agree with the finding of the Adjudicating Authority that if the scheme sanctioned under sub-section (4) of Section 18 of SICA Act, 1985 is treated to be a scheme sanctioned under sub-section (1) of Section 31 of the I&B Code, which otherwise we do not accept, in such case also in absence of any provision of review of the scheme sanctioned under sub-section (1) of Section 31 of the I&B Code, no relief can be granted to the appellant.
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