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Sick Industrial Companies (Special Provisions) Act, 1985


[Act No. 1 of Year 1986, dated 8th. January, 1986]

Contents

Sections

Particulars

Chapter I

Preliminary

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

Schedule 

Declaration Of Fidelity And Secrecy

Bifr (Conditions Of Service Of Secretary & Other Officers And Employees) Rules, 1987

1

Short title and commencement

2

Definitions

3

Pay of Secretary

4

Other staff of the Board

5

Conditions of service

Bifr (Financial And Administrative Powers) Rules, 1987

1

Short title and commencement

2

Definitions

3

Powers of the Chairman and the Secretary

Bifr (Salaries & Allowances & 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

Traveling allowances

9

Leave travel concession

10

Accommodation

11

Facility of conveyance

12

Facilities for medical treatment

13

Residuary provision

14

Powers to relax

Bifr (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

Aaifr (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

Aaifr (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

Aaifr (Financial And Administrative Powers) Rules, 1987

1

Short title and commencement

2

Definitions

3

Powers of the Chairman and the Secretary

 

An Act to make, in the public interest, special provision with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a Board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto

Be it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows: -



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