Where corporate debtor was declared a sick industrial unit and entered into a MOU with respondent, on basis of which, implementation of a rehabilitation scheme was approved, NCLAT rightly held that the said rehabilitation scheme could not be treated as a resolution plan within the meaning of IBC.
Pramod Kumar Pathak v. Arfat Petrochemicals (P.) Ltd. – [2023] 154 taxmann.com 635 (SC).