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of <h1>Section 262 Companies Act omitted: old process for revival and amalgamation of sick companies now under IBC</h1> Section 262 of the Companies Act, 2013, dealing with sanction of schemes for revival and rehabilitation of sick companies, has been omitted with effect from 15 November 2016 under the Insolvency and Bankruptcy Code, 2016. Previously, it prescribed the process for approval and sanction of a revival or amalgamation scheme: preparation by a company administrator, separate meetings and specified value-based approvals of secured and unsecured creditors, shareholder approval by special resolution in amalgamation cases, examination and modification by the Tribunal, transfer and vesting of assets and liabilities pursuant to a sanctioned scheme, Tribunal's power to review or require a fresh scheme, and the conclusive evidentiary effect of the Tribunal's sanction, with filing obligations before the Registrar.
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