Preparation and sanction of rehabilitation schemes requires operating agency drafting and Tribunal examination, publication and sanction of proposals. The operating agency must prepare, within a prescribed period and subject to regulatory guidelines, a scheme for financial reconstruction, management change, amalgamation, sale or lease of undertakings, workforce rationalisation, debt repayment and related measures; the Tribunal examines, may publish and modify the draft, requires shareholder approval for amalgamation by transferee companies, sanctions the scheme which becomes binding and effects transfer and vesting of property and liabilities, and retains power to review, modify, direct implementation and monitor the scheme.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Preparation and sanction of rehabilitation schemes requires operating agency drafting and Tribunal examination, publication and sanction of proposals.
The operating agency must prepare, within a prescribed period and subject to regulatory guidelines, a scheme for financial reconstruction, management change, amalgamation, sale or lease of undertakings, workforce rationalisation, debt repayment and related measures; the Tribunal examines, may publish and modify the draft, requires shareholder approval for amalgamation by transferee companies, sanctions the scheme which becomes binding and effects transfer and vesting of property and liabilities, and retains power to review, modify, direct implementation and monitor the scheme.
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