Companies Act, 2013
261. Scheme of revival and rehabilitation.
1. The company administrator shall prepare or cause to be prepared a scheme of revival and rehabilitation of the sick company after considering the draft scheme filed along with the application under section 254.
2. A scheme prepared in relation to any sick company under sub-section (1) may provide for any one or more of the following measures, namely:—
a. the financial reconstruction of the sick company;
b. the proper management of the sick company by any change in, or by taking over, the management of such company;
c. the amalgamation of—
i. the sick company with any other company; or
ii. any other company with the sick company;
d. takeover of the sick company by a solvent company;
e. the sale or lease of a part or whole of any asset or business of the sick company;
f. the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law;
g. such other preventive, ameliorative and remedial measures as may be appropriate;
h. repayment or rescheduling or restructuring of the debts or obligations of the sick company to any of its creditors or class of creditors;
i. such incidental, consequential or supplemental measures as may be necessary or expedient in connection with or for the purposes of the measures specified in clauses (a) to (h).