As long as a company is in BIFR, all court cases against it are halted. If it is established that the company can be made viable based on certain reliefs, then BIFR sanctions a repayment and rehabilitation package upon consent of all involved ie statutory lenders (tax authorities for eg) and secured lenders. Unsecured lenders, unpaid creditors are most often left in the cold to bear their losses. Repayments are then monitored by the BIFR bench. Usually when the networth turns positive, the company is no longer eligible for BIFR protection since it is no longer a sick company. That is when it is "released". Generally by this time, serious promoters would have demonstrated sincere repayment of their obligations and the lenders do not object to the release. Also the company by this time would have settled their other creditors/unsecured lenders and ensured that the court cases are withdrawn. If they have not been able to do so, then the threat of further legal action remains, and the promoters try to remain under BIFR protection for longer - and dressing of accounts is a general tactic to show lower profits or losses, although in reality they may be making money. So ultimately it boils down to the promoters' integrity. If anyone can contact one of Singer's lenders to get the correct picture, only then one can really know what is going on.