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of <h1>Section 257 on Sick Companies Revival Omitted by Insolvency and Bankruptcy Code, 2016; Affects Creditors' Committee Formation.</h1> Section 257 of the Companies Act, 2013, which dealt with the revival and rehabilitation of sick companies, was omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it required the interim administrator to appoint a committee of creditors with up to seven members, ensuring representation from each class of creditors. The interim administrator also decided the procedures for meetings, including appointing a chairperson, and could require promoters, directors, or key managerial personnel to attend meetings and provide necessary information.
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