potentially sick industrial companies. Accordingly, the Board for Industrial and Financial Reconstruction (BIFR) was constituted and vested with powers for speedy determination of preventive, ameliorative ... revival of sick industrial companies and facilitate the smooth working of BIFR. 3. The main features of the amendments proposed in the Bill
registered with
the Board for Industrial and Financial Reconstruction (for short 'BIFR'), pay
revision and grant of other benefits will be allowed only ... Department of Fertilizers (for short 'DOF') were referred to BIFR and were
declared as sick companies on 6.11.1992 and 12.11.1992 respectively
floated by the Board of Industrial and
Financial Reconstruction (for short 'BIFR') in terms of the provisions of the
Sick Industrial Companies (Special ... National Textile Corporation were contrary to
the scheme framed by BIFR as also the orders of this Court dated
05.05.2005
(vi) NTC as a State
Board
of Industrial and Financial Reconstruction (hereinafter referred to as
"BIFR"). On 6th November 1992, FCIL was declared a "sick company ... under Section 3(1)(o) of the SICA by the BIFR.
5.The complainant -- Indian Explosives Limited (hereinafter referred to as
"IEL"), respondent
passed by the Board for Industrial and
Financial Restructuring (for short, the ‘BIFR’), it was discharged from the
purview ... December, 2008, the Respondent-Company moved an application before the BIFR
in Case No. 55 of 2008 under Section
Company by its letter informed the
Board for Industrial and Financial Reconstruction (BIFR) of
its accumulated losses and sought financial assistance for
revival ... unit.
341
The Director (Finance) of the BIFR desired the company to
report the sickness in Form A and to take appropriate action
under section
under:
"In our view, when Section 16(1) says that the BIFR can
conduct the inquiry 'in such manner as it may deem ... intended only to convey that a wide
discretion is vested in the BIFR in regard to the procedure
it may follow for conducting an inquiry
registered with Board for Industrial and Financial
Reconstruction (hereinafter referred to as `BIFR') as a
sick unit. It has been actually declared as sick ... Company
by BIFR on 28.05.2002. Its reference case is pending
with the BIFR. The Company in order to rehabilitate
itself sought the assistance from financial
hereinafter referred to as ―Swiss Ribbons‖
34
―BIFR‖
20
PART G
the absence of a specific provision under the IBC. The objective
Section 15 of SICA before the Board for Industrial and Financial
Reconstruction (BIFR). The BIFR appointed Industrial Development Bank
of India (IDBI) as an operating ... there were six secured creditors and large
number of unsecured creditors, BIFR on or about 27th October, 2004 passed
an order recommending winding
