How many sections are in The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)?

The The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) contains a total of 36 sections organized across 4 chapters. The chapters are: Chapter IP — reliminary — 11 sections; Chapter IIB — oard And Appellate Authority For Industrial And Financial Reconstruction — 7 sections; Chapter IIIR — eferences, Inquiries And Schemes — 8 sections; Chapter IVP — roceedings In Case Of Potentially Sick Industrial Companies, Misfeasance Proceedings, Appeals And Miscellaneous — 10 sections.

Where can I read the complete SICA bare act online for free?

You can read the complete, updated text of The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) with all 36 sections for free at Law on Tips (lawontips.com). Each section includes the full legislative text with chapter-wise navigation.

What does SICA deal with?

The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) is an Indian legislation enacted in 1985 passed by the Parliament of India. An Act to make special provisions for the timely detection of sick companies and for speedy determination of measures for revival. Repealed by IBC. Read the complete bare act text with section-by-section navigation at Law on Tips.

What is the full form of SICA?

SICA stands for "The Sick Industrial Companies (Special Provisions) Act, 1985". It is an Indian legislation containing 36 sections across 4 chapters. You can read the complete SICA bare act with all sections at Law on Tips.

The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) - Complete Bare Act with All 36 Sections | Law on Tips

S.15Reference to Board .-(1) Where an industrial company has become a sick industrial company, the Board of Directors of the company shall, within sixty days from the date of finalisation of the duly audited accounts of the company for the financial year as at the end of which the company has become a sick industrial company, make a reference to the Board for determination of the measures which shall be adopted with respect to the company:

S.16Inquiry into working of sick industrial companies .-(1) The Board may make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company

S.17Powers of Board to make suitable order on the completion of inquiry .-(1) If after making an inquiry under section 16, the Board is satisfied that a company has become a sick industrial company, the Board shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be, by order in writing, whether it is practicable for the company to [make its net worth exceed the accumulated losses] within a reasonable time

S.18Preparation and sanction of schemes .-(1) Where an order is made under sub-section (3) of section 17 in relation to any sick industrial company, the operating agency specified in the order shall prepare, as expeditiously as possible and ordinarily within a period of ninety days from the date of such order, a scheme with respect to such company providing for any one or more of the following measures, namely:

S.19Rehabilitation by giving financial assistance .-(1) Where the scheme relates to preventive, ameliorative, remedial and other measures with respect to any sick industrial company, the scheme may provide for financial assistance by way of loans, advances or guarantees or reliefs or concessions or sacrifices from the Central Government, a State Government, any scheduled bank or other bank, a public financial institution or State level institution or any institution or other authority (any Government, bank, institution or other authority required by a scheme to provide for such financial assistance being hereafter in this section referred to as the person required by the scheme to provide financial assistance) to the sick industrial company

S.20Winding up of sick industrial company .- [(1) Where the Board, after making inquiry under section 16 and after consideration of all the relevant facts and circumstances and after giving an opportunity of being heard to all concerned parties, is of opinion that the sick industrial company is not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future and that it is just and equitable that the company should be wound up, it may record and forward its opinion to the concerned High Court.]

S.21Operating agency to prepare complete inventory, etc .-Where, [for the proper discharge of the functions of the Board under this Act], the circumstances so require, the Board may, through any operating agency, cause to be prepared

S.22Suspension of legal proceedings, contracts, etc .-(1) Where in respect of an industrial company, an inquiry under section 16 is pending or any scheme referred to under section 17 is under preparation or consideration or a sanctioned scheme is under implementation or where an appeal under section 25 relating to an industrial company is pending, then, notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), or any other law or the memorandum and articles of association of the industrial company or any other instrument having effect under the said Act or other law, no proceedings for the winding up of the industrial company or for execution, distress or the like against any of the properties of the industrial company or for the appointment of a receiver in respect thereof [and no suit for the recovery of money or for the enforcement of any security against the industrial company or of any guarantee in respect of any loans or advance granted to the industrial company] shall lie or be proceeded with further, except with the consent of the Board or, as the case may be, the Appellate Authority

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The Sick Industrial Companies (Special Provisions) Act, 1985