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of <h1>Section 265 on compulsory winding up of sick companies omitted after Insolvency and Bankruptcy Code, 2016 reforms</h1> Section 265 of the Companies Act, 2013, which formerly dealt with winding up of a sick company on the report of a company administrator, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15 November 2016. Earlier, if creditors did not approve a revival scheme under section 262(2), the company administrator had to report to the Tribunal within fifteen days, upon which the Tribunal was mandated to order winding up. Following such an order, the Tribunal was to conduct winding-up proceedings in accordance with Chapter XX. These provisions no longer apply post-omission.
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