Section 2 of SICA : Section 2: Definitions

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 legal documents or proceedings related to XYZ Textiles Ltd. would be understood as referring to the BIFR as it was established under the SICA 1985 before its dissolution. Similarly, if XYZ Textiles Ltd. had filed an appeal before the dissolution, the term "Appellate Authority" would refer to the Appellate Authority for Industrial and Financial Reconstruction, which was the body handling appeals against the decisions of the BIFR.

Furthermore, any legal terms used in the context of XYZ Textiles Ltd.'s restructuring that are not defined in the Repeal Act of 2003 but were defined under the SICA 1985 would retain their meanings from SICA 1985. For example, terms like "sick industrial company" or "operating agency" would be interpreted as they were defined in the SICA 1985.