Revival and rehabilitation schemes: statutory framework for restructuring sick companies including reconstruction, management change, and debt rescheduling. Section 261 was omitted following the Insolvency and Bankruptcy Code, 2016. The prior provision required the company administrator to prepare a scheme of revival and rehabilitation after considering the draft scheme filed with the application; such a scheme could provide for financial reconstruction, management change or takeover, amalgamation, takeover by a solvent company, sale or lease of assets or business, rationalisation of personnel, other remedial measures, repayment/rescheduling/restructuring of debts, and incidental or supplemental measures.