The fate of schemes sanctioned by the Board of Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), particularly with regard to its implementation pursuant to coming into force of Sick Industrial Companies (Special Provisions) Repeal Act, 2003 (‘Repeal Act’) has been of late being extremely reviewed by various High Courts and Tribunals constituted under Insolvency and Bankruptcy Code, 2016 (IBC). Read More