The Sick Industrial Companies (Special Provisions) Act, 1985
PRELIMINARY
1. Short title, extent, commencement and application
2. Declaration
3. Definitions
BOARD AND APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
4. Establishment of Board
5. Constitution of Appellate Authority
6. Term of office, conditions of service, etc., of Chairman and other Members
7. Removal of Members from office in certain circumstances
8. Secretary, officers and other employees of Board or Appellate Authority
9. Salaries, etc., to be defrayed out of the Consolidated Fund of India
10. Vacancies, etc., not to invalidate proceedings of Board and Appellate Authority
11. Members and staff of Board and Appellate Authority to be public servants
12. Constitution of Benches of Board or Appellate Authority
13. Procedure of Board and Appellate Authority
14. Proceedings before Board or Appellate Authority to be judicial proceedings
REFERENCES, INQUIRIES AND SCHEMES
15. Reference to Board
16. Inquiry into working of sick industrial companies
17. Powers of Board to make suitable order on the completion of inquiry
18. Preparation and sanction of schemes
19. Rehabilitation by giving financial assistance
19A. Arrangement of continuing operations, etc., during inquiry
20. Winding‑up of sick industrial company
21. Operating agency to prepare complete inventory, etc.
22. Suspension of legal proceedings, contracts, etc.
22A. Direction not to dispose of assets
PROCEEDINGS IN CASE OF POTENTIALLY SICK INDUSTRIAL COMPANIES MISFEASANCE PROCEEDINGS, APPEALS AND MISCELLANEOUS
23. Loss of fifty per cent net worth by industrial companies
23A. Proceedings on report, etc., of loss of fifty per cent net worth
23B. Power of Board to call for periodic information
24. Misfeasance proceedings
25. Appeal
26. Bar of jurisdiction
27. Delegation of powers
28. Returns and information
29. Power to seek the assistance of Chief Metropolitan Magistrate and District Magistrate
30. Protection of action taken in good faith
31. Saving of pending proceedings
32. Effect of the Act on other laws
33. Penalty for certain offences
34. Offences by companies
35. Power to remove difficulties
36. Power to make rules
