Dues of Petitioning creditor relating to period beyond scheme under implementation by Board and not forming part of scheme, bar u/s. 22(1) of SICA does not apply

RELEVANT EXTRACTS :

The Petitioners supplied goods to the Respondent company and part payments were made by the Respondent company to all the Petitioners except V.

On a reference to the Board for Industrial and financial Reconstruction (BIFR) by the company, a scheme of rehabilitation was sanctioned and the management of the company was taken over under the directions of the Board. The scheme sanctioned by the Board for

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