Section 5 of SICA : Section 5: Saving

SICA

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Explanation using Example

Imagine a company, XYZ Industries, was declared a sick industrial company under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985. Before the enactment of The Sick Industrial Companies (Special Provisions) Repeal Act, 2003, XYZ Industries had entered into a scheme of rehabilitation that was sanctioned by the Board for Industrial and Financial Reconstruction (BIFR).

After the 2003 Repeal Act came into force, XYZ Industries was concerned about the status of th...

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