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of <h1>Clause 256: Interim Administrator Appointment for Sick Companies with Strict Timelines for Revival and Rehabilitation Process</h1> Clause 256 of the Companies Bill, 2011, addresses the appointment of an interim administrator for sick companies. Upon receiving an application under section 254, the Tribunal must fix a hearing date within ninety days and appoint an interim administrator within seven days. This administrator is tasked with convening a creditors' meeting within forty-five days to evaluate the potential for the company's revival and rehabilitation. The interim administrator must submit a report to the Tribunal within sixty days. If no draft scheme is filed, the Tribunal may direct the administrator to manage the company, with the company's directors required to assist in this process.
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