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of <h1>Omission of Section 264 Companies Act reshapes sick company rehabilitation, creditor rights, and SARFAESI-triggered abatement of proceedings</h1> Section 264 of the Companies Act, 2013, dealing with implementation of rehabilitation schemes for sick companies, has been omitted by the Insolvency and Bankruptcy Code, 2016. Before its omission, it empowered the Tribunal to enforce, modify, or terminate contracts to implement a sanctioned scheme, and to authorise a company administrator to oversee implementation and file periodic reports. It regulated application of sale proceeds of substantial assets towards the scheme, with rights of debtors and creditors to challenge valuations. Where implementation became difficult or failed, specified stakeholders could seek modification or a declaration of failure and winding up, subject to consent of three-fourths in value of secured creditors. Pending applications abated if secured creditors representing at least three-fourths in value initiated recovery measures under SARFAESI.
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