sick units

Repeal of SICA Act and its Impacts

Corporate Law - The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICSPRA) shall come in force from December 01, 2016 vide notification issued in official gazette on November 25, 2016....

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Provisions of SICA prevails over Companies Act

Corporate Law - Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters. ...

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Simple exit scheme for sick firms to ready in less than a year

Corporate Law - The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up liquidation of sick companies. The ministry of corporate affairs looks to set up a special purpose vehicle (SPV) that will allow all authorities involved in the liquidation process to pool in data to a central ...

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Section 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 is constitutionally valid: HC

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) - M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, the...

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No waiver of pre-deposit condition for sick units

The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal asking it to deposit 25 per cent of the dues before moving the court. The creditor, Asset Care Enterprises, had invoked the power under the Securitization and Reconstruction...

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Recent Posts in "sick units"

Section 4(b) of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 is constitutionally valid: HC

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court)

M/S Atv Projects (India) Ltd Vs. Union Of India & Ors. (Delhi High Court) Under the newly enacted Section 4(b) there are only two classes of persons, namely (i) those persons in whose cases schemes were sanctioned and (ii) those persons in whose cases the schemes were pending. In the former, there are two sub-classes […]...

Read More

Repeal of SICA Act and its Impacts

The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (SICSPRA) shall come in force from December 01, 2016 vide notification issued in official gazette on November 25, 2016....

Read More
Posted Under: Corporate Law |

Provisions of SICA prevails over Companies Act

Where a winding up order is passed by court but before final dissolution of company and a reference is made to BIFR under Section 15 of SICA, and then a question will arise that if provisions of Companies Act will prevail or provisions of SICA will prevail. Various courts have discussed this issue in different matters. ...

Read More
Posted Under: Corporate Law |

No waiver of pre-deposit condition for sick units

The Delhi high court has dismissed the appeal of Swadeshi Cement Ltd against the order of the Debt Recovery Appellate Tribunal asking it to deposit 25 per cent of the dues before moving the court. The creditor, Asset Care Enterprises, had invoked the power under the Securitization and Reconstruction of Financial Assets and Enforcement of ...

Read More
Posted Under: Corporate Law |

Simple exit scheme for sick firms to ready in less than a year

The government plans to create a mechanism to facilitate coordination among various regulatory authorities and courts to speed up liquidation of sick companies. The ministry of corporate affairs looks to set up a special purpose vehicle (SPV) that will allow all authorities involved in the liquidation process to pool in data to a central ...

Read More
Posted Under: Corporate Law |

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