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of <h1>Section 262 on Sick Company Rehabilitation Omitted by Insolvency and Bankruptcy Code 2016, Changing Compliance Processes</h1> Section 262 of the Companies Act, 2013, related to the revival and rehabilitation of sick companies, was omitted by the Insolvency and Bankruptcy Code, 2016. Previously, it outlined the process for sanctioning a rehabilitation scheme prepared by a company administrator. The scheme required approval from creditors and, in certain cases, shareholders. The Tribunal reviewed and could modify the scheme, which, upon sanction, facilitated the transfer of property and liabilities. The Tribunal's sanction served as conclusive evidence of compliance, and the sanctioned scheme had to be filed with the Registrar within thirty days.
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