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of <h1>Section 424D: Revival Schemes for Sick Industrial Companies Require Tribunal Sanction and Stakeholder Feedback</h1> Section 424D of the Companies Act, 1956, outlines the process for preparing and sanctioning schemes for the revival and rehabilitation of sick industrial companies. Once a company is declared sick, an operating agency must draft a scheme within 60 days, extendable to 90 days, addressing measures like financial reconstruction, management changes, amalgamation, asset sale, and debt repayment. The scheme is reviewed and modified by a Tribunal, which solicits feedback from stakeholders. Once sanctioned, the scheme is binding on all parties, and the Tribunal oversees its implementation and can modify it if necessary. Creditors can also propose a scheme with three-fourths approval.
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