Legal Question in Civil Rights Law in India
Once industry becomes Sick industry under the provisions of SICK INDUSTRIAL COMPANIES ACT then what is the consequences? and What happens the Company liabilities?
Asked on 3/11/16, 12:10 am
1 Answer from Attorneys
Vivek Mapara
Vivek N. Mapara
All is subject to the Scheme framed by the BIFR. You have to register your claim before BIFR. So what ever the scheme of revival is framed, you will be entitled to peri pesu share under the said scheme.
If BIFR decides to wind up the company instead of revival, then it all claims will be subject to adjudication by OL
regards
vivek n mapara
www.vnmlaws.com
Answered on 3/13/16, 12:18 am
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