IMPORTANT PROVISIONS OF SICA

IMPORTANT PROVISIONS OF SICA

	Constitution of two quasi-judicial bodies – BIFR and AAIFR and their Benches.
	Procedure of the Board and the Appellate Authority.
	Filing of references u/s 15 and criteria of sickness.
	Provision of enquiry u/s 16.
	Appointment of Special Directors and OAs u/s 16(4) and 17(3).
	Preparation of sanctioned scheme under section 17(2), 17(3) & 18(4).
	Provision for monitoring of schemes u/s 18(12)
	Rehabilitation by giving financial assistance u/s 19.
	Winding up of sick industrial companies u/s 20.
	Protection to safeguard the interests of the sick companies u/s 22(1), 22(2), 22(3).
	Provisions for dealing with potential sickness u/s 23, 23(a), 23(b).
	Provision in case of misfeasance u/s 24.
	Provision for seeking information and giving information – Central Govt., RBI, FIs State institutions and sick companies and in case of amalgamation other companies.
	Power to seek assistance of MMs & DMs u/s 29.
	SICA has overriding provisions u/s 32 over other laws except the provisions of FERA, 1973 and the ULCRA,1976.
	Penalty u/s 33 for violation of the Act.