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.