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of <h1>Section 289 omission ends tribunal power to stay company winding up and consider revival or rehabilitation schemes</h1> Section 289 of the Companies Act, 2013, which earlier empowered the Tribunal to stay winding up proceedings and provide an opportunity for revival and rehabilitation of a company upon application by promoters, shareholders, creditors, or the liquidator, has been omitted by the Insolvency and Bankruptcy Code, 2016 with effect from 15-11-2016. Previously, the Tribunal could stay winding up for up to 180 days upon submission of a rehabilitation scheme, impose terms and conditions, require security for costs, seek reports from the Company Liquidator, and ensure that revival schemes were considered under Chapter XIX, with all orders communicated to the Registrar for record endorsement.
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