Section 27 in Board For Industrial And Financial Reconstruction Regulations, 1987
27. On receipt of an order of the Board in terms of sub-section (3) of section 17 of the Act, in relation to a sick industrial company, the specified operating agency shall prepare a scheme, having regard to the guidelines specified in the said order, within the time prescribed under sub-section (1) and in terms of sub-sections (1) and (2) of section 18:
Provided that the Board may, at the request of the concerned operating agency and on sufficient cause being shown, suitably extend the time for submission of the scheme.
