Whether Sick Industrial Companies (special provisions) Repeal Act, 2003 (Act No.1 of 2004) published in Gazette of India on 02-01-2004 is enforced? Is BIFR still in existance?
VIKAS WALIA (LAW OFFICER ) 17 August 2009
Hello Mr. Narendra ! BIFR is still in existence and for further information visit the official site of BIFR at https://www.bifr.nic.in/ for latest updates. Thanx
Manish Singh (Advocate) 18 August 2009
no, the SICA repeal act 2003 hasnt been notified yet by the govt.
thus the AIFR, BIFR are still in existence as well the Act itself is in operation.
A.K.D Sayare (Advocate) 22 August 2009
yes SICA is still in operation, therefore protection under section 22 is applicable to all the companies covered under the act. Companies Act at present in operation where their is provision of NCLT does not come into operation as the GOI has not issued notification for the same and has not repeal SICA act.