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of <h1>Section 256 of Companies Act 2013 Omitted by Insolvency and Bankruptcy Code 2016, Affecting Sick Companies' Revival Process.</h1> Section 256 of the Companies Act, 2013, concerning the revival and rehabilitation of sick companies, was omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it required the Tribunal to appoint an interim administrator within seven days of receiving an application under section 254. The administrator was tasked with convening a creditors' meeting within 45 days to assess the feasibility of reviving the company and to report back within 60 days. If no draft scheme was filed, the Tribunal could direct the administrator to manage the company. Directors were required to assist the administrator.
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