TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Clause 254: Revival Process for Sick Companies; Restrictions Apply If Major Creditors Initiate Recovery Actions Under SARFAESI Act.</h1> Clause 254 of the Companies Bill, 2011, addresses the process for applying for the revival and rehabilitation of sick companies. Once a company is determined as sick by the Tribunal, either the company or any secured creditor can apply for measures to revive it. However, if secured creditors holding three-fourths of the outstanding financial assistance have initiated debt recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, no application can be made. Applications must include audited financial statements, necessary documents, and a draft revival scheme, and be submitted within sixty days of the Tribunal's determination.
TaxTMI 
TaxTMI 
