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of <h1>Draft Rules for Sick Companies Under Companies Act 2013: Tribunal's Role in Revival and Rehabilitation Process.</h1> The draft rules under the Companies Act, 2013, focus on the revival and rehabilitation of sick companies. Secured creditors can apply to the Tribunal to determine if a company is sick and seek interim relief to halt proceedings like winding up. Applications must include fees, demand notices, financial statements, and authorizations. If a company is declared sick, an interim administrator is appointed to manage assets and convene creditor meetings. A company administrator may be appointed to devise a revival scheme, which requires creditor and shareholder approval. The Tribunal oversees the process, including potential winding up if revival is deemed unfeasible. An Insolvency Fund is managed by an appointed administrator to support these processes.
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