REPEAL OF THE SICK INDUSTRIAL COMPANIES SPECIAL PROVISIONS ACT, 1985 AND ADVENT OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

The Government of India has repealed SICA with effect from 1.12.2016 and the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 has been brought into effect in exercise of the provisions contained in sub-clause 2 of Section 1 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003.

The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 was passed more than a decade ago and was contemplated to be brought into force leading to the proposed abatement of all matters pending before the Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in accordance with the provisions of the Companies Act, 1956.