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of <h1>Section 254 Omission: Revival and Rehabilitation of Sick Companies Under Companies Act, 2013, Now Affected by 2016 Code Changes.</h1> Section 254 of the Companies Act, 2013, which was omitted by the Insolvency and Bankruptcy Code, 2016, addressed the revival and rehabilitation of sick companies. Upon determination of a company as sick by the Tribunal, secured creditors or the company could apply for measures for revival and rehabilitation. However, if secured creditors holding three-fourths of the outstanding debt initiated recovery under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, any reference for revival would abate. Applications required financial statements, documents, and a draft scheme, to be submitted within sixty days of the Tribunal's determination.
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