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of <h1>Section 424A: Revival Process for Sick Industrial Companies; Exemption for Government Firms Without Government Approval</h1> Section 424A of the Companies Act, 1956, outlines the process for the revival and rehabilitation of sick industrial companies. When a company becomes sick, its Board of Directors must refer the matter to a Tribunal and submit a revival scheme. Government companies are exempt unless approved by the Central or State Government. If secured creditors, representing three-fourths of outstanding debt, initiate recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the reference is void. References must be made within 180 days of awareness or 60 days post-account adoption. The Tribunal's determination of a company's status as sick is final.
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