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of <h1>Section 258 on Sick Company Revival Removed by Insolvency and Bankruptcy Code 2016; Changes in Winding-Up Procedures</h1> Section 258 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 allowed the Tribunal, upon reviewing a report by an interim administrator, to either initiate winding-up proceedings if revival was deemed impossible or appoint a company administrator to prepare a revival scheme if rehabilitation was feasible. The Tribunal also had the discretion to appoint an interim administrator as the company administrator.
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