Revival and rehabilitation of sick companies: secured creditor rights, SARFAESI interaction, consent requirements, 60-day application window documents required.

Applications for revival and rehabilitation by the company or any secured creditor required audited financial statements, prescribed authenticated particulars and fees, and a draft scheme or declaration if none; such applications were barred or abated where secured creditors representing three-fourths in value had pursued recovery under the Securitisation and Reconstruction framework, and required consent where a securitisation or reconstruction company had acquired the financial assets; applications were to be made within sixty days of determination as a sick company.

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