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of <h1>Section 261 Companies Act revival schemes omitted after IBC 2016, shifting sick company resolution to insolvency framework</h1> Section 261 of the Companies Act, 2013, dealing with schemes for revival and rehabilitation of sick companies, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Previously, it required a company administrator to prepare a revival and rehabilitation scheme after considering a draft filed under section 254. The scheme could include financial reconstruction, change or takeover of management, amalgamation with another company, takeover by a solvent company, sale or lease of assets or business, rationalisation of personnel in accordance with law, other preventive or remedial measures, restructuring or rescheduling of debts, and any necessary incidental or supplemental measures.
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