Sick Company definition

Sick Company means a company which has failed to pay or to secure or compound the debts owed to the secured creditor referred to in Section 253(1) of the Act within time period as specified therein.
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Sick Company means and includes a company, which has failed to pay the debt of its secured creditors within 30 days of the notice of demand or to secure or compound it to the reasonable satisfaction of the secured creditors as per section 253 of the Act;
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Sick Company means a Company (having been in existence for not less than five years) which is found at the end of any financial year to have incurred accumulated losses equal to or exceeding its entire net worth.
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Examples of Sick Company in a sentence

  • RI are facilities, resources or services of a unique nature that have been identified by pan-European research communities to conduct top-level activities in all fields.

  • Further none of the Group Company is a Sick Company or referred to BIFR.

  • Company has filed a reference u/s 15 (l) of the Sick Industries Companies (Special Provisions) Act 1965 (SICA) before Board for Industrial & Financial Reconstruction (B.I.F.R) informing the said Board that net worth of the Company had been fully eroded fully on 30-09-2012 and the Company has become a Sick Company.

  • As per audit ed accounts for the period ended 31st March 2014, the Company became a Sick Company and had been referred to the Board for Industrial and Financial Reconstruction ( BIFR) on 01.10.2014.

  • Bigger threat for the Company is its financial position, Loan accounts become NPA and being a Sick Company, we are unable to meet interest cost and principle repayments.

  • In the hearing held on 2/4/2009, BIFR declared MFL as a Sick Company and appointed State Bank of India, Commercial Branch as Operating Agency with directions to prepare a Draft Revival Scheme for the company.

  • The company is not a Sick Company within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985 and is not under the Board for Industrial and Financial Reconstruction, is not under winding up and does not have a negative net worth.

  • High rate of inflation and the depressed worldwide economic scenario has dampened the domestic atmosphere to a large extent.RestructuringSince the Company has become a Sick Company within the meaning of the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 reference has been made to Board for Industrial & Financial Reconstruction.

  • The Company is not a Sick Company within the meaning of the Sick Industrial Companies (Special Provisions) Act 1985 and is not under winding up.

  • In addition to the plain language of the agreement, WEC clearly did not terminate the Subcontracts for convenience at its “sole discretion.” To the contrary, Fluor is seeking to terminate the Subcontracts, not WEC.

Related to Sick Company

  • Transportation network company means a company or organization facilitating and/or providing transportation services using a computer or digital application or platform to connect or match passengers with drivers for compensation or a fee.

  • Associated Companies : means any agent with delegated authority under Section 20 of these Terms and Conditions.

  • boycott energy company means “without an ordinary business purpose, refusing to deal with, terminating business activities with, or otherwise taking any action intended to penalize, inflict economic harm on, or limit commercial relations with a company because the company (a) engages in the exploration, production, utilization, transportation, sale, or manufacturing of fossil fuel-based energy and does not commit or pledge to meet environmental standards beyond applicable federal and state law, or (b) does business with a company described by paragraph (a).” (See Tex. Gov. Code 809.001). When applicable, does Vendor certify? Yes 5 Felony Conviction Notice - Texas Education Code 44.034 9 Texas Education Code, Section 44.034, Notification of Criminal History, Subsection (a), states, "a person or business entity that enters into a contract with a school district must give advance notice to the district if the person or an owner or operator of the business entity has been convicted of a felony. The notice must include a general description of the conduct resulting in the conviction of a felony.” Subsection (b) states, "a school district may terminate a contract with a person or business entity if the district determines that the person or business entity failed to give notice as required by Subsection (a) or misrepresented the conduct resulting in the conviction. The district must compensate the person or business entity for services performed before the termination of the contract.” Subsection (c) states, "This section does not apply to a publicly held corporation. Vendor certifies one of the following:

  • Company has the meaning set forth in the Preamble.

  • Nonprofit corporation means a nonstock corporation organized under ch. 181 that is a nonprofit corporation, as defined in s. 181.0103 (17).

  • Associated Company means any legal entity of which a person or company has direct or indirect Control and only as long as a person or company maintains direct or indirect Control.

  • Transportation network company rider or “rider” means an

  • Material Group Company means the Issuer or a Subsidiary representing more than 5.00 per cent. of either (i) the total assets of the Group on a consolidated basis (for the avoidance of doubt, excluding any intra-group transactions) or (ii) the net profit of the Group on a consolidated basis according to the latest Financial Report.

  • Microenterprise means an enterprise which employs fewer than 10 persons and whose annual turnover and/or annual balance sheet total does not exceed EUR 2 million;