MODI INDUSTRIES LTD. vs STATE OF U.P .

The Supreme Court directed the promoters of a company to submit fully tied up proposals to IDBI within three months, as per the AAIFR order dated 24.5.2006, with a cut-off date for the rehabilitation scheme set at 30.6.2007. The Court permitted the recovery of outstanding dues by the Commercial Tax Department for amounts due after the cut-off date, emphasizing that the company must remain current on dues post-cut-off. The appeal was disposed of without addressing the merits, allowing parties to seek appropriate legal remedies.