The Industrial Companies Special Provisions Act,1985 (Bare Act)/ Universal Law Publishing

The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (1 of 2004) v
THE SICK INDUSTRIAL COMPANIES (SPECIAL PROVISIONS) ACT, 1985
Introduction
CHAPTER I
PRELIMINARY
Sections ' 1. Short title, extent, commencement and application
2. Declaration
3. Definitions
- CHAPTER II BOARD AND APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
4. Establishment of Board 5. Constitution of Appellate Authority 6. Term of office, conditions of service, etc., of Chairman and other Members 7. Removal of Members from office in certain circumstances. 8. Secretary, officers and other employees of Board or Appellate Authority • • 9. Salaries, etc., be defrayed out of the Consolidated Fund of India. 10. Vacancies, etc., not to invalidate proceedings of Board and Appellate Authority 11. Members and staff of Board and Appellate Authority to be public servants 12. Constitution of Benches of Board or Appellate Authority . : 13. Procedure of Board and Appellate Authority 14. Proceedings before Board or Appellate Authority to be judicial proceedings CHAPTER III REFERENCES, INQUIRIES AND SCHEMES
15. Reference to Board 16. Inquiry into working of sick industrial companies 17. Powers of Board to make suitable order on the completion of inquiry 18. Preparation and sanction of Schemes 19. Rehabilitation by giving financial assistance 19A. Arrangement for continuing operations, etc., during inquiry 20. Winding up of sick industrial company 21. Operating agency to prepare complete inventory, etc. 22. Suspension of legal proceedings, contracts, etc. 22A Direction not to dispose of assets CHAPTER IV PROCEEDINGS IN CASE OF POTENTIALLY SICK INDUSTRIAL COMPANIES, MISFEASANCE PROCEEDINGS, APPEALS AND MISCELLANEOUS 23. Loss of fifty per cent, net worth by industrial companies . 23A. Proceedings on report, etc., of loss of fifty per cent, net worth .

23B. Power of Board to call for periodic information 24. Misfeasance proceedings 25. Appeal 26. Bar of jurisdiction 27. Delegation of powers
28. Returns and information 29. Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate 30. Protection of action taken in good faith 31. Saving of pending proceedings 32. Effect of the Act on other laws ' 33. Penalty for certain offences 34. Offences by companies 35. Power to remove difficulties 36. Power t6 make rules THE SCHEDULE—Declaration of Fidelity and Secrecy
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION REGULATIONS, 1987
CHAPTER I
GENERAL
Regulations 1. Short title and commencement 2. Interpretation
3. Definitions
4. Board's Office
LANGUAGE OF THE BOARD
/
5-6.
7.
8
Filing of References, Lettens, etc. Holiday 9. Adjournments 10. Ex parte proceedings Extension or abridgement of time Effect of non-compliance and application o Code of Civil Procedure Service of notices or other documents 14. Meetings of the Board nf the Board 15. Authentication and communicahon of orders of the t)o 16. Benches Publication of Orders Power to remove difficulties references under SECTION 15 11 12 13. 14. 17. 18.
19.
20.
CHAPTER IIJ general raovisioNS regarding enquiries
CHAPTER IV inquiry UNDER SECTION 16

CHAPTER V
PROCEEDINGS UNDER SECTION 17
CHAPTER VI /
PROCEDURE FOR PREPARATION AND SANCTION OF
SCHEME UNDER SECTION 18
CHAPTER VII
PROCEDURE FOR SANCTIONING SCHEMES UNDER SECTION 19
34.
35.
36.
- CHAPTER VIII
REPORT UNDER SECTION 23 AND 23A
CHAPTER IX
RESTRICTION ON DISCLOSURE OF INFORMATION
37-38. 39. Inve.stigntions, etc., by officers of the Board
40. Assistance to the Board
41.
FORM A
FORM A A ^ •
FORM BE n'.--
FORM C
FORM CC
FORM D
FORM DD

BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (SECRETARY'S POWERS AND DUTIES) RULES, 1987
Rules
1. Short title and commencement . . . 85
2. Definitions . . . 85
3. General . . . 85 4. Additional powers and duties of the Secretary . . . 86
5. Powers exercisable under these rules to be in addition to other powers of the Secretary . . . 87
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (FINANCIAL AND ADMINISTRATIVE POWERS) RULES, 1987
Rules
1. Short title and commencement . . . 88
2. Definitions . . . 88 3. Powers of the Chairman and the Secretary . . . 88
. /
BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (SALARIES AND ALLOWANCES AND CONDITIONS OF SERVICE OF CHAIRMAN AND OTHER MEMBERS)
RULES, 1987
Rules
1. Short title and commencement
2. Definitions 3. Pay 4. Dearness allowance and city compensatory allowance
5. Leave ' 6. Leave sanctioning authority
7. Provident Fund 8. Travelling Allowances
9. Leave travel concession
10. Accommoda tion 11. Facility o/ conveyance
12. Facilities for medical treatment 13. Residuary provision
14. Powers to relax
APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (SECRETARY'S POWERS AND DUTIES) RULES, 1988
Rules

Short'title and commencement Deffiiitions
General Additional powers and duties of the Secretary Powers exerci.sable under these rules to be in addition to other powers of the Secretary
APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION (CONDITIONS OF SERVICE OF THE SECRETARY AND OTHER OFFICERS AND EMPLOYEES) RULES, 1989
Short title and commencement
Definitions Pay of Secretary " ^ Other .staff of the Appellate Authority Conditions of .service