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<h1>Revival and rehabilitation schemes: statutory framework for restructuring sick companies including reconstruction, management change, and debt rescheduling.</h1> 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.