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of <h1>Section 259 on revival of sick companies omitted; appointment of interim and company administrators now governed by IBC 2016</h1> Section 259 of the Companies Act, 2013, dealing with revival and rehabilitation of sick companies, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Earlier, it empowered the Tribunal to appoint an interim or company administrator from a Central Government-approved databank of specified professionals, including company secretaries, chartered accountants, cost accountants, and other notified experts. The Tribunal determined the terms and conditions of such appointments and could direct the administrator to take over the company's assets or management, with power to engage additional experts with Tribunal approval.
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