Sanjay Kishan Kaul, J.

1. The present writ petition raises the following question of law:

“Whether on approval of a scheme by the BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the ‘SICA’), an unsecured creditor has the option not to accept the scaled down value of its dues, and to wait till the scheme for rehabilitation of the respondent-Company has worked itself out, with an option to recover the debt with interest post such rehabilitation?”

2. The scheme of rehabilitation of the respondent-Company was approved on 8.4.2008 under the SICA. The dues of the unsecured creditors was dealt with in para 5.1.3 of the sanctioned scheme. The unsecured creditors were identified as raw material suppliers, acceptances, dealers and C & F and inter-corporate deposits. The unsecured creditors could exercise one of the three options:

“a. To accept 30% of the principal outstanding as full and final payment. The payment shall be made within 3 months of the sanction of the scheme by the BIFR; or

b. To accept 40% of the principal outstanding as full and final payment. The payment shall be made in 3 equal installments from the cut off date (i.e