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of <h1>Section 256 on revival of sick companies omitted after IBC, shifting rehabilitation process to insolvency framework</h1> Section 256 of the Companies Act, 2013, dealing with revival and rehabilitation of sick companies, has been omitted pursuant to the Insolvency and Bankruptcy Code, 2016. Previously, it required the Tribunal, upon receipt of an application under section 254, to promptly fix a hearing date, appoint an interim administrator, and direct a creditors' meeting within specified timelines to consider revival prospects and a draft rehabilitation scheme. The interim administrator could be directed to take over company management, with a duty on existing management to cooperate and assist.
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