Section 2 of SICA : Section 2: Definitions

SICA

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Explanation using Example

Imagine a company, XYZ Textiles Ltd., which has been facing financial difficulties and is unable to pay its debts. Under the Sick Industrial Companies Act (SICA) of 1985, they were considered a "sick" company and were undergoing restructuring with the help of the Board for Industrial and Financial Reconstruction (BIFR). However, in 2003, the Sick Industrial Companies (Special Provisions) Repeal Act was enacted, which meant that the BIFR would be dissolved.

In this scenario, any references to the "Board" within l...

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