Committee on revival of sick firms

New Delhi, May 7 (KNN) The notification of rules related to Revival and Rehabilitation of Sick Companies is dependent on establishment of NCLT & NCLAT and commencement of the Sick Industrial Companies (Special Provision) Repeal Act, 2003.

In a written reply to the Lok Sabha, Minister of Corporate Affairs, Arun Jaitley informed that the Government had set up a Committee vide order dated 17.07.2015 to vet the draft NCLT and NCLAT Rules, Winding Up Rules; Revival and Rehabilitation of Sick Companies Rules; Compromises, Arrangements & Amalgamations Rules; Prevention of Oppression and Mismanagement Rules, and any other matter related to the above Rules, or other Rules related to NCLT/NCLAT under the Companies Act, 2013 and finalise e-forms.

The committee submitted its report on 31.12.2015 along with draft rules.

He said that the rules related to Revival and Rehabilitation of Sick Companies have been examined in the Ministry and public consultations have also been completed.

The notification of these Rules is dependent on establishment of NCLT & NCLAT and commencement of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, he informed.