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of <h1>Section 259, Companies Act 2013, on sick company revival omitted by Insolvency and Bankruptcy Code 2016.</h1> Section 259 of the Companies Act, 2013, concerning the revival and rehabilitation of sick companies, was omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it outlined the appointment of an interim or company administrator by the Tribunal from a databank maintained by the Central Government. This databank included professionals such as company secretaries, chartered accountants, and cost accountants. The Tribunal determined the terms of appointment and could authorize the administrator to manage the company's assets, potentially hiring experts with Tribunal approval to assist in management.
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