BIFR news

Government may increase BIFR benches

The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding ...

Posted Under: Corporate Law |

Recovery of sales tax and recovery of dues to Public Works Department not permissible without consent of BIFR

B.V.V. Paper Industries Ltd. vs. Commercial Tax Officer [(2008) 145 Comp. Cas 815 (Mad]) The Petitioner Company became side and a reference was filed before the Board for Industrial & Financial Reconstruction (BIFR) u/s. 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) for declaring the company a sick company a...

Posted Under: Corporate Law |

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