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of <h1>Section 264 Omitted: Tribunal's Role in Sick Company Schemes Removed by Insolvency and Bankruptcy Code, 2016.</h1> Section 264 of the Companies Act, 2013, which has been omitted by the Insolvency and Bankruptcy Code, 2016, previously detailed the Tribunal's authority in implementing schemes for sick companies. The Tribunal had the power to enforce, modify, or terminate contracts and authorize a company administrator to implement sanctioned schemes. It allowed for the sale of company assets to fund the scheme and provided mechanisms for creditors to appeal asset valuations. If a scheme failed, parties could apply for its modification or the company's winding up. The Tribunal was required to act within 30 days on such applications, contingent on creditor consent.
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