Arvind Kumar Gupta

The Government of India has repealed SICA with effect from 1.12.2016 and the Sick Industrial Companies (Special Provisions) Repeal Act, 2003 has been brought into effect in exercise of the provisions contained in sub-clause 2 of Section 1 of the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. The Sick Industrial Companies (Special Provisions) Repeal Act, 2003 was passed more than a decade ago and was contemplated to be brought into force leading to the proposed abatement of all matters pending before the Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in accordance with the provisions of the Companies Act, 1956. For more info visit:- http://purtimarwahagupta.com/blog/2016/12/05/repeal-of-the-sick-industrial-companies-special-provisions-act-1985-and-advent-of-the-insolvency-and-bankruptcy-code-2016/

The Insolvency and Bankruptcy Code, 2016 has now come into force. Under the new resolution mechanism, the National Company Law Tribunal has been made the adjudicating Authority for Insolvency Resolution and Liquidation for corporate persons including corporate debtors and personal guarantors. The ‘personal guarantor’in respect of the corporate debtor has been defined under Section 5(22) and means any individual who is the surety in a contract of guarantee to a corporate debtor. For more info visit:- http://purtimarwahagupta.com/blog/2016/12/05/the-insolvency-and-bankruptcy-code-2016-the-transfer-of-proceedings-against-guarantors-to-the-national-company-law-tribunal/