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of <h1>Revival of Sick Companies: Section 261 of Companies Act 2013 Omitted by Insolvency and Bankruptcy Code 2016</h1> Section 261 of the Companies Act, 2013, which was omitted by the Insolvency and Bankruptcy Code, 2016, outlined the process for the revival and rehabilitation of sick companies. It required a company administrator to prepare a scheme considering the draft filed with an application under Section 254. The scheme could include financial reconstruction, management changes, amalgamation with other companies, takeover by solvent companies, asset sale or lease, rationalization of personnel, debt restructuring, and other necessary measures. These provisions aimed at facilitating the recovery and rehabilitation of financially distressed companies.
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