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of <h1>Section 254 revival applications for sick companies, secured creditors' SARFAESI actions, and mandatory timelines for draft schemes</h1> Section 254 of the Companies Act, 2013 (now omitted) governed applications for revival and rehabilitation of companies determined as 'sick' by the Tribunal under section 253. It allowed either the company or any secured creditor to seek Tribunal-determined measures for revival, subject to creditors' recovery actions under the SARFAESI Act. If secured creditors holding three-fourths in value had initiated SARFAESI enforcement, any pending reference abated and no fresh reference could be made. Where securitisation or reconstruction companies had acquired the sick company's financial assets, their consent was mandatory. Applications required audited financials, prescribed documents, fees, and a draft revival scheme or a declaration of inability to propose one, and had to be filed within sixty days.
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