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Statutory Provisions

Home Acts & Rules Bill Bills COMPANIES BILL, 2011 Chapters List Chapter XIX REVIVAL AND REHABILITATION OF SICK COMPANIES This

Clause 261 - Scheme of revival and rehabilitation. - COMPANIES BILL, 2011

COMPANIES BILL, 2011
Chapter XIX
REVIVAL AND REHABILITATION OF SICK COMPANIES
  • Contents

Scheme of revival and rehabilitation.

     261. (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).

 
 
 
 

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