(1)Where an order is made under sub-section (3) of section 424-C in relation to any sick industrial company, the operating agency specified in the order shall prepare as expeditiously as possible and ordinarily within a period of sixty days from the date of such order, having regard to the guidelines framed by the Reserve Bank of India in this behalf, a scheme with respect to such company providing for any one or more of the following measures, namely:-(a)the financial reconstruction of such industrial company;(b)the proper management of such industrial company by change in, or take over of, the management of such industrial company;(c)the amalgamation of-(i)such industrial company with any other company; or(ii)any other company with such industrial company (hereafter in this section, in the case of sub-clause (i), the other company, and in the case of sub-clause (ii), such industrial company, referred to as "transferee-company");(d)the sale or lease of a part or whole of any industrial undertaking of such industrial company;(e)the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law;(f)such other preventive ameliorative and remedial measures as may be appropriate;(g)repayment of debt;(h)such incidental, consequential or supplemental measures as may be necessary or expedient in connection with or for the purposes of the measures specified in clauses (a) to (g):Provided that the Tribunal may extend the said period of sixty days to ninety days for reasons to be recorded in writing for such extension.
