Section 424A(2) in The Companies (Second Amendment) Act, 2002
(2)The application under sub- section (1) shall be accompanied by a certificate from an auditor from a panel of auditors prepared by the Tribunal indicating-(a) the reasons of the net worth of such company being fifty per cent. or less than fifty per cent.; or(b)the default in repayment of its debt making such company a sick industrial company, as the case may be.
