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The Sick Industrial Companies Act,1985

The Sick Industrial Companies Act,1985




1 Short title, extent, commencement and application.
2 Declaration.
3 Definitions.
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., be defrayed out of the consolidated fund of India.
10 Vacancies, Etc., not to invalidate proceedings of Board and Appellate.
11 Members and Staff of Board and Appellate authority to be public servant.
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 proceeding.
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 for 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.
23 Loss of fifty percent net worth by Industrial Companies.
23A Proceedings on report, etc. of loss of fifty percent 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.
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.
The Schedules

Indian Laws – Bare Acts


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