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The Sick Industrial Companies (Special Provisions) Repeal Act, 2003

The Sick Industrial Companies (Special Provisions) Repeal Act, 2003

Corporate20035 sections

This Act officially repeals the Sick Industrial Companies Act, 1985, dissolving the Board for Industrial and Financial Reconstruction and its appellate authority. It applies directly to financially distressed, or sick, industrial companies in India, their employees, and creditors. By dismantling the outdated regime for managing industrial insolvency, the Act allows pending cases to transition to the modern Insolvency and Bankruptcy Code under the National Company Law Tribunal. This matters because it streamlined India's corporate bankruptcy process, ending delayed restructurings and helping transition the country toward a faster, more efficient national system for resolving corporate distress and protecting key stakeholder interests.

Start reading →Read full ActSections
  1. 1. Short title and commencement.
  2. 2. Definitions.
  3. 3. Repeal of Act 1 of 1986 and dissolution of Appellate Authority and Board.
  4. 4. Consequential provisions.
  5. 5. Saving.

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