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of <h1>Section 260 Companies Act omitted after IBC 2016, ending earlier framework for revival of sick companies</h1> Section 260 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. Previously, it defined the powers and duties of a company administrator appointed by the Tribunal. The administrator was required or empowered to prepare a complete inventory of assets, liabilities, records and documents; lists of shareholders and creditors distinguishing secured and unsecured creditors; valuation reports of shares and assets to determine reserve prices, lease rent, or share exchange ratios; proforma accounts where audited accounts were unavailable; and a list of workmen and their dues, to facilitate corporate rehabilitation or sale.
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