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Sick
industrial companies (special provisions) Act, 1985
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Arrangement
of Sections
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Section
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Preliminary
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1.
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Short title, extent, commencement and application
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2.
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Declaration
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3.
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Definitions
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Board
and appellate authority for
industrial
and financial reconstruction
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4.
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Establishment of Board
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5.
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Constitution of Appellate Authority
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6.
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Term of office, conditions of service, etc., of
Chairman and other Members
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7.
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Removal of Members from office in certain
circumstances
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8.
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Secretary, officers and other employees of Board or
Appellate Authority
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9.
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Salaries, etc., to be defrayed out of the
Consolidated Fund of India
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10.
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Vacancies, etc., not to invalidate proceedings of
Board and Appellate Authority
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11.
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Members and staff of Board and Appellate Authority
to be public servants
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12.
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Constitution of Benches of Board or Appellate
Authority
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13.
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Procedure of Board and Appellate Authority
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14.
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Proceedings before Board or Appellate Authority to
be judicial proceedings
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References,
Inquiries and Schemes
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15.
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Reference to Board
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16.
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Inquiry into working of sick industrial companies
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17.
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Powers of Board to make suitable order on the
completion of inquiry
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18.
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Preparation and sanction of schemes
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19.
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Rehabilitation by giving financial assistance
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19A.
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Arrangement for continuing operations, etc., during
inquiry
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20.
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Winding up of sick industrial company
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21.
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Operating agency to prepare complete inventory,
etc.
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22.
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Suspension of legal proceedings, contracts, etc.
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22A.
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Direction not to dispose of assets
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Proceedings
in case of Potentially Sick Industrial
Companies
Misfeasance proceedings,
Appeals
and Miscellaneous
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23.
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Loss of fifty per cent net worth by industrial
companies
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23A.
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Proceedings on report, etc., of loss of fifty per
cent net worth
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23B.
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Power of Board to call for periodic information
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24.
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Misfeasance proceedings
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25.
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Appeal
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26.
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Bar of jurisdiction
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27.
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Delegation of powers
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28.
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Returns and information
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29.
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Power to seek the assistance of Chief Metropolitan
Magistrate and District Magistrate
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30.
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Protection of action taken in good faith
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31.
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Saving of pending proceedings
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32.
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Effect of the Act on other laws
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33.
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Penalty for certain offences
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34.
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Offences by companies
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35.
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Power to remove difficulties
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36.
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Power to make rules
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The Schedule
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