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of <h1>Section 265 of Companies Act, 2013, on winding up sick companies, omitted by Insolvency and Bankruptcy Code, 2016.</h1> Section 265 of the Companies Act, 2013, which dealt with the winding up of sick companies based on the report of a company administrator, has been omitted by the Insolvency and Bankruptcy Code, 2016. Previously, if a rehabilitation scheme was not approved by creditors as specified, the company administrator was required to report to the Tribunal, which would then order the winding up of the company. The Tribunal would proceed with the winding up in accordance with Chapter XX of the Act.
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