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Section 1 – The Sick Industrial Companies Act,1985

The Sick Industrial Companies Act,1985

1. SHORT TITLE, EXTENT, COMMENCEMENT AND APPLICATION.

(ACT NO. 1 OF 1986)

An Act to make in public interest, special provisions with a view to securing the timely detection of sick and potentially sick companies owning industrial undertakings, the speedy determination by a Board of experts of the preventive, ameliorative, remedial and other measures which need to be taken with respect to such companies and the expeditious enforcement of the measures so determined and for matters connected therewith or incidental thereto.

Be it enacted by Parliament in the thirty-sixth year of the Republic of India as follows :-

(1) This Act may be called the Sick Industrial Companies (Special Provisions) Act,1985.

(2) It extends to the whole of India.

(3) It shall come into force on such date 2 as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act and any reference in any provision of this Act to the commencement of this Act shall be construed as a reference to the commencement of that provision.

(4) It shall apply, in the first instance, to all the scheduled industries other than the scheduled industry relating to ships and other vessels drawn by power.

(5) The Central Government may, in consultation with the Reserve Bank of India, by notification, apply the provisions of this Act, on and from such date as may be specified in the notification, to the scheduled industry relating to ships and other vessels drawn by power.

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TheSick Industrial Companies Act,1985

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