https://www.taxtmi.com/circulars?id=52422 Draft rules set procedures for revival and rehabilitation of sick companies: secured creditors must file prescribed applications with supporting demand notices, financials and authorisations; the Tribunal may declare a company sick after hearing, grant interim stays, appoint an interim administrator with powers to protect assets, convene creditors and report on revival prospects, and require publication and Registrar filings. Where creditors approve revival by requisite value-majorities, a company administrator is appointed to prepare, publish and file a scheme for Tribunal sanction with prescribed documents; the Tribunal may modify schemes and oversee implementation, including use of a Rehabilitation and Insolvency Fund. en-us Mon, 09 Sep 2013 00:00:00 +0530 Wed, 11 Sep 2013 14:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52422 Draft rules set procedures for revival and rehabilitation of sick companies: secured creditors must file prescribed applications with supporting demand notices, financials and authorisations; the Tribunal may declare a company sick after hearing, grant interim stays, appoint an interim administrator with powers to protect assets, convene creditors and report on revival prospects, and require publication and Registrar filings. Where creditors approve revival by requisite value-majorities, a company administrator is appointed to prepare, publish and file a scheme for Tribunal sanction with prescribed documents; the Tribunal may modify schemes and oversee implementation, including use of a Rehabilitation and Insolvency Fund. Circulars Companies Law Mon, 09 Sep 2013 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52422