Binding effect of sanctioned revival schemes altered by statutory omission, affecting companies, employees, shareholders, creditors and guarantors. Section 263 of the Companies Act, 2013 was omitted effective 15-11-2016 by transfer to the Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016. Formerly, Section 263 made a sanctioned revival scheme or any operative provision thereof binding on the sick company, the transferee or other company, and on employees, shareholders, creditors and guarantors from the date the scheme or provision came into operation.