After the repeal of the Sick Industrial Companies (Special Provisions) Act, 1985 and the dissolution of…

The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed with effect from 1 December 2016 by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003, as amended by section 252 and the Eighth Schedule of the Insolvency and Bankruptcy Code, 2016. The BIFR, which used to deal with sick and potentially sick industrial companies, ceased to exist; references and inquiries pending before it abated, and the companies concerned were allowed to approach the National Company Law Tribunal under the Code. Under section 60(1) of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority for insolvency resolution and liquidation of corporate persons, including corporate debtors and their personal guarantors, is the National Company Law Tribunal having territorial jurisdiction over the place where the registered office of the corporate person is located. The Debt Recovery Tribunal is the Adjudicating Authority for the insolvency of individuals and partnership firms (s.179), not companies; SIDBI is a development finance institution and FICCI is an industry chamber, and neither has any adjudicatory role.