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:-
