Sick Industrial Companies (Special Provisions Sample Clauses

Sick Industrial Companies (Special Provisions. Act, 1985 (XXXX) The Sick Industrial Companies (Special Provision) Act, 1985 (XXXX) brought the CPSEs under its purview in 1991 (made effective from 1992). Under the provisions of XXXX, the CPSEs (with at least five years of registration) whose accumulated losses are equal to or have exceeded their net worth are to referred to the BIFR. Reference to BIFR grants immunity from legal sanctions to the company arising from proceedings from execution of decree against property, suit for recovery of money and suit for enforcement of guarantor in respect of loans etc.The BIFR, on examination, may either sanction suitable revival/ rehabilitation schemes (in case of enterprises which are viable) or recommend closure (in respect of enterprises considered unviable). Since 1992 to 2007, 63 CPSEs have been referred to BIFR (Table12.2). There were no references made to BIFR between 2008 to 2014. Year-wise registration of CPSEs with BIFR is given below: Table 12.2 Registration of CPSEs with BIFR Year No. of CPSEs Year No. of CPSEs 1992 30* 2004 4* 1993 2* 2005 2 1994 4* 2006 1 1995 1 2007 1 1996 2 2008 0 1997 3 2009 0 1998 3 2010 0 1999 3 2011 0 2000 3 2012 0 2001 2 2013 0 2002 3 2014 0 2003 2 Total 63 # Note: *This includes the subsidiaries of NTC, which have been merged into one company and registered again in 2008 after merger. # Since Mandya National Paper Xxxxx Limited has been wound up, Xxxxxx & Co. Ltd .has been privatized, U.P. Drugs and Pharmaceuticals Limited has been transferred to the U.P. Government, all the nine subsidiaries of NTC (Holding) Ltd. merged with NTC (Holding) , Indian Iron and Steel Co. Limited , Bharat Refractories Limited (BRL) and Maharashtra Elektrosmelt Limitedhave merged with SAIL, and Praga Tools Ltd. merged with HMT Ltd, these CPSEs have not been included in the list of BIFR referred CPSEs. Although a total number of 63 CPSEs have been referred to BIFR, there are only 45 CPSEs that are in operation. The Details of CPSEs registered with BIFR as on 31.3.2014 is as follows:
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