IN RE Vs. PRESTIGE AGRO-TECH LIMITED

JUDGEMENT

(1.) Mr. Jain, learned counsel for the applicant states that on the last date of hearing it could not be pointed out that the scheme is under implementation which in fact is evident from perusal of Annexure-9 (Colly).

(2.) It shows that the respondent-Government of Madhya Pradesh has declared the applicant as a 'relief undertaking'starting from the year 2014-15.

(3.) Some other part of the scheme has also been implemented. Mr. Jain has also submitted that in pursuance of notification dated 24.05.2017 (Annexure-6) the Union of India has issued Insolvency and Bankruptcy Code (Removal of Difficulties) Order, 2017 and has provided that the sanctioned scheme under sub section (4) or any scheme under implementation under sub-section (12) of Section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985 shall be deemed to be an approved resolution plan under sub-section 1 of Section 31 to the Insolvency and Bankruptcy Code, 2016.