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Rehabilitation and Insolvency Fund framework removed, eliminating the prior Fund based route for financing sick company revival and withdrawal rights. Section 269 created a Rehabilitation and Insolvency Fund to support revival, rehabilitation and liquidation of sick companies, with receipts from government grants, company contributions, other sources and investment income; allowed contributing companies, on initiation of insolvency proceedings, to apply to the Tribunal to withdraw amounts up to their contribution for worker payments, asset protection or incidental costs; and provided for management by a Central Government appointed administrator. The section has since been omitted consequent to insolvency law reform.
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Provisions expressly mentioned in the judgment/order text.
Rehabilitation and Insolvency Fund framework removed, eliminating the prior Fund based route for financing sick company revival and withdrawal rights.
Section 269 created a Rehabilitation and Insolvency Fund to support revival, rehabilitation and liquidation of sick companies, with receipts from government grants, company contributions, other sources and investment income; allowed contributing companies, on initiation of insolvency proceedings, to apply to the Tribunal to withdraw amounts up to their contribution for worker payments, asset protection or incidental costs; and provided for management by a Central Government appointed administrator. The section has since been omitted consequent to insolvency law reform.
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