Bifr and sick industries
Shantanu
(Querist) 19 November 2013
This query is : Open
A cooperative bank which has gone in liquidation is an unsecured creditor to a pvt ltd Company. The company has filed scheme with BIFR in 2004. Scheme is sanctioned in 2011. The bank has been given option to settle for a sum which is much less than the actual dues. The bank has not accepted the same till date but have not challenged the scheme in appeal also. It is settled law that BIFR cannot force any unsecured creditor to accept something which otherwise is not acceptable. The company itself has agreed to pay a much more amount to the bank in OTS in 2006. Now BIFR has held the company to be Financially capable and making profit and disposed off the case. Can the bank file an appeal after lapse of 2 years and challenge the scheme ? whether the order of BIFR can be challenged by way of Writ Petition ?
