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Sick Industrial Companies (Special Provisions) Act, 1985

Sick Industrial Companies (Special Provisions) Act, 1985

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  • Author(s): Bare Act
  • Edition: Current Year
  • Approx. Pages 102 + Contents
  • Format Paperback
  • Delivery Time Normally 7-9 working days

*    Repealed by The Sick Industrial Companies (Special Provisions) Repeal Act, 2003
      (1 of 2004) (w.e.f. 1-12-2016)
                                        as amended by
The Insolvency and Bankruptcy Code, 2016 (31 of 2016)
                                                    with
Board for Industrial and Financial Reconstruction Regulations, 1987

.........................................................................................................................
Description
•    B.I.F.R. (Secretary's Powers and Duties) Rules, 1987
•    B.I.F.R. (Financial and Administrative Powers) Rules, 1987
•    B.I.F.R. (Salaries and Allowances and Conditions of Service of Chairman and Other Members)
     Rules, 1987
•    Appellate Authority for Industrial and Financial Reconstruction (Secretary's Powers and Duties)
     Rules, 1988
•    Appellate Authority for Industrial and Financial Reconstruction (Conditions of Service of the
      Secretary and other Officers and Employees) Rules, 1989
.........................................................................................................................
Contents
The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004)
as amended by the Insolvency and Bankruptcy Code, 2016 (31 of 2016)
The Sick Industrial Companies (Special Provision) Act, 1985

Introduction
Chapter I : Preliminary Sections
1.     Short title, extent, commencement and application
2.     Declaration
3.     Definitions
Chapter II : Board and Appellate Authority for Industrial and Financial Reconstruction
4.     Establishment of Board
5.     Constitution of Appellate Authority
6.     Term of office, conditions of service, etc., of Chairman and other Members
7.     Removal of Members from office in certain circumstances.
8.     Secretary, officers and other employees of Board or Appellate Authority
9.     Salaries, etc., be defrayed out of the Consolidated Fund of India.
10.   Vacancies, etc., not to invalidate proceedings of Board and Appellate Authority
11.   Members and staff of Board and Appellate Authority to be public servants
12.   Constitution of Benches of Board or Appellate Authority   
13.   Procedure of Board and Appellate Authority
14.   Proceedings before Board or Appellate Authority to be judicial proceedings
Chapter III : References, Inquiries and Schemes
15.   Reference to Board
16.   Inquiry into working of sick industrial companies
17.   Powers of Board to make suitable order on the completion of inquiry
18.   Preparation and sanction of Schemes   
19.   Rehabilitation by giving financial assistance
19A. Arrangement for continuing operations, etc., during inquiry
20.    Winding up of sick industrial company
21.    Operating agency to prepare complete inventory, etc.
22.    Suspension of legal proceedings, contracts, etc.
22A.  Direction not to dispose of assets
Chapter IV : Proceedings in case of  Potentially Sick Industrial Companies, Misfeasance
Proceedings, Appeals and Miscellaneous

23.    Loss of fifty per cent. net worth by industrial companies  
23A. Proceedings on report, etc., of loss of fifty per cent. net worth
23B. Power of Board to call for periodic information
24.    Misfeasance proceedings
25.    Appeal
26.    Bar of jurisdiction
27.    Delegation of powers
28.    Returns and information
29.    Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate
30.    Protection of action taken in good faith
31.    Saving of pending proceedings
32.    Effect of the Act on other laws
33.    Penalty for certain offences
34.    Offences by companies
35.    Power to remove difficulties
36.    Power to make rules
The Schedule—Declaration of Fidelity and Secrecy
Board For Industrial and Financial Reconstruction Regulations, 1987
Chapter I : General

1.    Short title and commencement
2.    Interpretation
3.    Definitions
4.    Board's Office
Language of the Board
7.    Filing of References, Letters, etc.
8.    Holiday
9.    Adjournments
10.  Ex parte proceedings
11.  Extension or abridgement of time
12.  Effect of non-compliance and application of Code of Civil Procedure
13.  Service of notices or other documents
14.  Meetings of the Board
15.  Authentication and communication of orders of the Board.
16.  Benches
17.  Publication of Orders   
18.  Power to remove difficulties             
Chapter II : References under Section 15
19.   
Chapter III : General Provisions Regarding Enquiries
20.   
Chapter IV : Inquiry under Section 16
21-23.
24-25.
Chapter V : Proceedings Under Section 17
26.   
Chapter VI : Procedure For Preparation and Sanction of Scheme Under  Section 18
27-28.
29-33.
Chapter VII : Procedure for Sanctioning Schemes Under Section 19
34.   
35.
Chapter VIII : Report Under Section 23 And 23A
36.
Chapter IX : Restriction on Disclosure of Information
37-38.
39.  Investigations, etc., by officers of the Board
40.  Assistance to the Board
41.
Form A – Form DD
Board for Industrial and Financial Reconstruction (Secretary's Powers and Duties) Rules, 1987
1.     Short title and commencement
2.     Definitions
3.     General
4.     Additional powers and duties of the Secretary
5.     Powers exercisable under these rules to be in addition to other powers of the Secretary
Board for Industrial and Financial Reconstruction (Financial and
Administrative Powers) Rules, 1987

1.     Short title and commencement
2.     Definitions
3.     Powers of the Chairman and the Secretary
Board for Industrial and Financial Reconstruction (Salaries and Allowances and
Conditions of Service of Chairman and Other Members) Rules, 1987

1.     Short title and commencement
2.     Definitions                         
3.     Pay                                                                     
4.     Dearness allowance and city compensatory allowance
5.     Leave
6.     Leave sanctioning authority
7.     Provident Fund
8.     Travelling Allowances
9.     Leave travel concession
10.   Accommodation                                                                           
11.   Facility of conveyance
12.   Facilities for medical treatment                                          
13.   Residuary provision                                                                          
14.   Powers to relax
Appellate Authority for Industrial and Financial Reconstruction (Secretary's
Powers and Duties)Rules, 1988

1.     Short title and commencement
2.     Definitions   
3.     General
4.     Additional powers and duties of the Secretary
5.     Powers exercisable under these rules to be in addition to other powers of the Secretary
Appellate Authority for Industrial and Financial Reconstruction (Conditions of
Service of the Secretary and Other Officers and Employees) Rules, 1989

1.     Short title and commencement   
2.     Definitions
3.     Pay of Secretary
4.     Other staff of the Appellate Authority
5.     Conditions of service
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