Supreme Court · 2023 INSC 246 · Decided 17 March 2023
Modi Rubber Limited v. Continental Carbon India LTD.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 246 · [2023] 3 S.C.R. 1026
- Case number
- CIVIL APPEAL No. 375/2017
- Decided
- 17 March 2023
- Bench
- M.R. SHAH, SUDHANSHU DHULIA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Constitution Article 39, 300A
Headnote
Sick Industrial Companies (Special Provisions) Act, 1985 - ss.18, 19 - Approval of a scheme by the BIFR under the 1985 Act, unsecured creditor if has the option not to accept the scaled down value of its dues - Held: No - Rehabilitation scheme u/s.18 shall bind all the unsecured creditors and the unsecured creditors have to accept the scaled down value of its dues provided under the rehabilitation scheme - To make the company viable, the concerned persons including the unsecured creditors have to sacrifice to some extent otherwise the revival
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