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of <h1>Omission of Section 263 shifts sick company revival schemes to Insolvency and Bankruptcy Code, altering binding effect framework</h1> Section 263 of the Companies Act, 2013, previously provided that, from the date a revival or rehabilitation scheme for a sick company came into operation, the sanctioned scheme or any of its provisions would be binding on the sick company, the transferee or other involved companies, as well as their employees, shareholders, creditors, and guarantors. This ensured comprehensive and compulsory implementation of approved schemes. The provision has been omitted with effect from 15 November 2016 by the Insolvency and Bankruptcy Code, 2016, transferring such matters to the IBC framework.
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