Dear friends,
A Sick Industrial Company had prepared a Draft Rehabilitation Scheme (DRS) and presented it before BIFR for its further approval. An unsecured creditor company filed and application before BIFR requiring that Company had not incorporated its dues in the said DRS and accordingly the said DRS has to be declared as incomplete and a fresh DRS should be filed by the Company with incorporating of theirs dues.
Friends, let me know that whether unsecured creditors have right for any such types of application or can BIFR pass a declaratory order that contention of unsecured creditors is right and directed to company to file new DRS with incorporating dues of unsecured creditors.
Please share yours view with supporting of landmark case laws.
Regards,
