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of <h1>Section 266 Omitted: Tribunal's Powers to Address Misconduct in Sick Companies Removed by Insolvency and Bankruptcy Code 2016.</h1> Section 266 of the Companies Act, 2013, which was omitted by the Insolvency and Bankruptcy Code, 2016, provided the Tribunal with powers to address misconduct by individuals involved in the management of sick companies. It allowed the Tribunal to order individuals responsible for financial mismanagement or breaches of trust to repay or compensate the company. Additionally, it could restrict financial institutions from assisting such individuals or disqualify them from holding directorial positions for specified periods. The Tribunal was required to provide a reasonable opportunity for the accused to be heard before making any order.
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