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of <h1>Insolvency Code 2016 omits Section 253, altering 'sick' company status and creditor application process for revival.</h1> Section 253 of the Companies Act, 2013, which was omitted by the Insolvency and Bankruptcy Code, 2016, outlined the process for determining a company as 'sick.' If a company failed to repay or secure a debt demanded by secured creditors representing at least 50% of the outstanding debt within 30 days, the creditors could apply to the Tribunal for a declaration of sickness. The Tribunal could stay proceedings against the company's assets and determine measures for its revival. Applications could also be filed by the company, government entities, or financial institutions if they had sufficient reasons to believe the company was sick.
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