In exercise of the powers conferred on it
by section 13 of the Sick Industrial Companies (Special Provisions) Act, 1985
(1 of 1986), and all other powers enabling it in this behalf, the Board for
Industrial and Financial Reconstruction hereby makes the following regulations,
namely:--???????????????? CHAPTER
I GENERAL (1)
These regulations may be called the Board
for Industrial and Financial Reconstruction Regulations, 1987. (2)
They shall come into force on the date of
their publication in the Official Gazette.???????????????? (1)
The General Clauses Act, 1897 (10 of
1897), shall apply to the interpretation of these regulations. (2)
Words and expressions used but not
defined in these regulations, in the Act, in the Companies Act, 1956 (1 of
1956), and in the Industries (Development and Regulation) Act, 1951 (65 of
1951), shall have the meanings, if any, respectively assigned to them in the
General Clauses Act, 1897 (10 of 1897).???????????????? In these regulations, unless the context
otherwise requires,-- (a)
"Act" means the Sick Industrial
Companies (Special Provisions) Act, 1985 (1 of 1986); (b)
"Board" means the Board for
Industrial and Financial Reconstruction established under section 4 and includes,
where the context so requires, a Bench exercising the jurisdiction, powers and
authority of the Board; (c)
"Bench" means a Bench of the
Board constituted under sub-section (2) of section 12; (d)
"Chairman" means the Chairman
of the Board appointed under section 4; (e)
"informant" means the person
making a reference to the Board on behalf of the sick industrial company under
sub-section (1) of section 15 or on behalf of the Central Government, the
Reserve Bank, a State Government, a public financial institution, a State-level
institution, or, as the case may be, a scheduled bank under sub-section (2) of
section 15 [2] [and a person making a report
to the Board under subsection (1) of section 23A]; (f)
"Member" means a member of the
Board; (g)
"Operating agency" means any
public financial institution, [3]
[State level institution, scheduled bank or any other person] as may be
specified by general or special order, as its agency, by the Board; (h)
"persons interested" includes a
sick industrial company, a transferee [4]
[***] company within the meaning of clause (c) of sub-section (1) of section
18, any other[5] [***] company concerned in
the amalgamation, any shareholder, any creditor or employee of such [6]
[***] companies; (i)
"Registrar" means an officer
appointed by the Chairman as the Registrar and includes any officer to whom
powers and functions of the Registrar have been entrusted by the secretary and
such other person who is for the time being discharging the functions of the
Registrar; (j)
reference to "court", while applying
the provisions of the Code of Civil Procedure, 1908 (5 of 1908), shall be
understood to refer to the Board and similarly reference to
"plaintiff" or "defendant" shall be understood to refer to
appropriate parties before the Board; (k)
reference to "suits or
petitions", while applying the provisions of the Code of Civil Procedure,
1908 (5 of 1908), shall be understood to refer to appropriate proceedings under
the Act; (l)
"Secretary" means a Secretary
to the Board appointed by the Central Government under sub-section (1) of
section 8; (m)
"section" means a section of
the Act.???????????????? (1)
The Central Office of the Board shall be
at Delhi. (2)
The Central Office of the Board shall be
open at such times as the Chairman may direct.? The proceedings of the Board shall be conducted
in English or Hindi.???????????? ???? No reference, application,
representation, document or other matters contained in any language other than
English or Hindi shall be accepted by the Board, unless the same is accompanied
by a true translation thereof in English or Hindi.???????????????? All references, letters, replies,
rejoinders, documents or papers required to be filed before or submitted to the
Board shall be written, or as the case may be, typewritten, cyclostyled or
printed neatly, and legibly on one side of foolscap size paper, in double
space, provided that true copies of documents prepared by any other mechanical
or chemical process, including phopying may be filed or submitted.???????????????? Where the last day for doing any act
falls on a day on which the office of the Board is closed and by reason
thereof, the act cannot be done on that day, it may be done on the next day on
which that office is open.???????????????? The Board may, if sufficient cause is
shown, at any stage of any inquiry or proceeding, grant time to the parties or
to any of them and may from time to time adjourn the inquiry or hearing of the
proceedings.???????????????? Where on the day fixed for hearing, any
of the parties does not appear, the proceedings, unless adjourned by the Board,
shall continue in the absence of the party not so appearing. ???????????????? Subject to the provisions of the Act, the
time prescribed by these regulations or by an order of the Board, for doing any
act,-- (a)
may be extended by an order of the Board
(whether it has already expired or not); or (b)
may be abridged by an order of the Board,
after giving notice to the concerned parties.???????????????? (1)
Failure to comply with any requirement of
these regulations shall not invalidate the proceeding merely by reason of such
failure, unless the Board is of the view that such failure has resulted in
mis-carriage of justice. (2)
Subject to the provisions of sub-section
(3) of section 13, where no specific provision has been made in these
regulations, the Code of Civil Procedure, 1908 (5 of 1908), to the extent as
may be deemed expedient by the Board, shall apply to the proceeding.???????????????? (1)
Every notice or other document required
to be served on or delivered to any person may be sent by registered post
addressed to the person or his agent empowered to accept service at the address
furnished by him for service or at the place where the person or his agent
ordinarily resides or carries on business or personally works for gain, and
every notice or other document required to be delivered to or filed with the
secretary, may be delivered at the office of the Board or sent by registered
post to the secretary at the office of the Board. An acknowledgement purporting
to be signed by the person or the agent or an endorsement by a postal employee
that the person or the agent has refused to take delivery may be deemed by the
Board to be prima facie proof of service and section 27 of the General Clauses
Act, 1897 (10 of 1897), shall apply. (2)
Any notice or other document required to
be served on or delivered to a company may be sent to the chairman, managing
director, secretary, manager or other principal officer of the company at the
registered office of the company, by registered post or by leaving it at its
registered office. (3)
Every notice or other document required
to be served on the Central Government or, as the case may be, the State
Government, shall be addressed and sent to the Secretary of the appropriate
Ministry or Department and shall be served in the manner specified in
sub-regulation (1) to this regulation.???????????????? (1)
The Board may meet at such times and
places, for conduct of its business, as it may think fit provided that in the
absence of a decision of the Board to the contrary, the Chairman shall decide
the time and place for the sittings of the Board. (2)
A minimum number of three members
personally present at a meeting of the Board shall be the quorum for that
meeting of the Board. (3)
In the case of difference of opinion
among the members of the Board, the opinion of the majority of the members
present at the meeting shall prevail and orders of the Board shall be expressed
in terms of the views of the majority. Any member dissenting from the majority
view may record his reasons separately. If the members are evenly divided in
their opinions, the Chairman shall have a second or casting vote. (4)
The proceedings of each meeting of the
Board shall be signed and dated by the Chairman, or in his absence, by the
member presiding over the meeting as soon as may be, after the conclusion of
the meeting and the proceedings so signed shall be conclusive evidence of the
proceedings recorded therein. (5)
[7]The [8]
[Chairman] may, by general or special order, direct that any matter which is required
to be considered by it may be disposed of by circulation, instead of a meeting
of the Board.] Explanation.--This regulation shall not
apply to a Bench, sitting as a Bench.???????????????? (1)
All orders and decisions of the Board
shall be authenticated by the signature of the Chairman or any other member, or
the Secretary, or any other officer empowered in this behalf by the Chairman,
and bear the official seal of the Board. (2)
Every order of the Board shall be communicated
under the signature of the Secretary or any other officer of the Board duly
empowered by Secretary, in this behalf.???????????????? (1)
Each Bench shall consist of not less than
two Members. The Chairman of the Board shall by order constitute such number of
Benches as he may deem fit. [9]
[He shall, from time to time, assign] the cases to be dealt with by the
respective Benches, provided that [10]
[He] may constitute, as and when deemed fit, a Bench for dealing with a
particular case or batch of cases. [11]
[He] may also transfer a case from one Bench to another. [12] [Provided if at any stage of proceedings in a case
pending before a Bench, it appears to the Members of the said Bench, that
having regard to the importance, complexity, or other relevant considerations
thereof, that case should be heard and dealt with by a larger Bench, the matter
may be referred by the concerned Bench to the Chairman for constitution of such
a bench, and the Bench reconstituted as deemed fit by the Chairman, shall
thereafter hear and deal with that case.] (2) The places at which the Benches shall sit, shall be
such as the Chairman may, by order, specify. (3) Subject to the other provisions of these regulations,
every order made or act done by a Bench in exercise of its powers shall be
deemed to be the order or act, as the case may be, of the Board. (4) There shall be a separate official seal indicating
that it is the seal of a Bench of the Board and such Bench shall be provided
with a seal which shall also indicate the Bench to which it relates. (5) Each such seal shall be kept under the custody of the
Registrar and shall be used under his directions. (6) Every order, communication, or notice issued or
certified copy granted by any Bench shall be stamped with the seal of the Bench
and shall be authenticated by the Registrar. (7) The Registrar shall have the custody of the records
of the Bench. (8)
The Registrar shall discharge such other
functions as are entrusted to him by the Secretary.???????????????? Such of the orders of the Board, as are
deemed fit for publication in any authoritative report or the Press, may be
released for such publication on such terms and conditions as the Chairman may
specify.???????????????? If any difficulty arises in giving effect
to any of the provisions of these regulations, the Board may, by general or
special order, do anything, not being inconsistent with the provisions of the
Act, which appears to it to be necessary or expedient for the purpose of
removing the difficulty.???????????????? CHAPTER
II (1)
[13]Every reference to the Board under sub-section (1) of
section 15 shall be made-- (i)
in Form A in respect of an industrial
company other than a Government Company; (ii)
in Form AA in respect of a Government
Company, and shall be accompanied by five further copies thereof alongwith four
copies each of all the enclosures thereto. (2)
[14]Every reference to the Board under sub-section (2) of
section 15 shall be made-- (i)
in Form B in respect of an industrial
company other than a Government Company; (ii)
in Form BB in respect of a Government
Company and shall be accompanied by five further copies thereof alongwith four
copies each of all the enclosures thereto. (3)
A reference may be filed either by
delivering it at the office of the Board or by sending it by registered post. (4)
[15]On receipt of a reference, the Secretary, or as the
case may be, the Registrar shall cause to be endorsed on each reference, the
date on which it is filed or received in the office of the Board. (5)
If on scrutiny, the reference is found to
be in order, it shall be registered, assigned a serial number and submitted to
the Chairman or assigning it to a Bench. Simultaneously, remaining
information/documents required, if any, shall be called for from the informant. (6)
If on scrutiny, the reference is not
found to be in order, the Secretary or, as the case may be, the Registrar may,
by order, decline to register the reference and shall communicate the same to
the informant. (7)
A reference declined to be registered
shall be deemed not to have been made.] (8)
(1) An appeal against the order of the
Registrar declining to register a reference shall be made by the aggrieved
person to the Secretary within fifteen days of communication to him of such an
order. (2) ??An appeal against the order of the Secretary
declining to register a reference shall be made by the aggrieved person to the
Chairman within fifteen days of communication to him of such an order and the
Chairman's decision thereon shall be final.???????????????? CHAPTER
III GENERAL
PROVISIONS REGARDING ENQUIRIES (1)
The Board or, as the case may be, the
operating agency, may call for such additional information as it considers
necessary in connection with any enquiry or investigation under the Act or any of
these regulations from the informant or any authority, public financial or
other institution, or any other person. (2)
The Board may address communications to
the informant, to the sick industrial company if it is not the informant, the
concerned Government Department, the operating agency and such other
authorities, institutions or persons as considered appropriate, calling for
such other particulars and information, as in the opinion of the Board, may be
relevant to the matters under consideration by the Board. The replies to such
communications of the Board shall be submitted by the addressees, in
quadruplicate. (3)
The Board may call the informant, the
Board of directors of the industrial company, or their authorised
representative, if any, any Government official or any other person for such
discussion as it may consider necessary, in connection with the matters under
consideration. (4)
The Board may visit any establishment,
including that of the informant, as it may consider necessary and hold
discussions with the representative of the informant, if in the opinion of the
Board, such visits and discussions may be expedient in the interest of proper
determination of matters under consideration. (5)
The Board may depute such of its officers
and staff to such places to meet such persons, as it may deem appropriate, for
investigating and discussing matters under its consideration and call for
reports from them. (6)
The informant, the concerned industrial
company when it is not the informant, and other interested persons, who have
sent their comments or suggestions to the Board, and expressed the desire that
they would like to be heard and whom the Board may determine to hear shall be
intimated about the date of hearing. The persons who have sent their comments
or suggestions and intimation that they would like to participate in the
hearing shall file with the Board, not less than 10 days before the date of
hearing, a written statement containing the gist of the submissions that they
would like to make at the hearing. (7)
Where there are a large number of persons
having common interest, the persons having common interest may select one or
more persons for appearing in the proceedings on their behalf or for their
benefit: Provided that intimation in this regard
shall be sent to the Board within the time prescribed in sub-regulation (1) of
this regulation. (8) The Board shall hear the persons to whom an
intimation of hearing has been sent and who present themselves for hearing. (9)
In the proceedings before the Board, the
informant or the operating agency shall be entitled to be represented by such
officer or officers as it may depute. The other persons concerned may either be
heard by themselves or be represented by a legal practitioner, specially
authorised by them, to act on their behalf. CHAPTER IV INQUIRY
UNDER SECTION 16 Upon a reference with respect to an
industrial company under section 15 or upon information received with respect
to such company, or upon its own knowledge as to the financial condition of the
company, the Board may-- (a)
itself make such inquiry, as it may deem
fit, for determining whether the industrial company has become a sick
industrial company; or (b)
if it deems necessary or expedient so to
do, for the expeditious disposal of inquiry mentioned at (a) above, direct by
an order, an operating agency, to be specified in the order, to enquire into
and make a report with respect to such matters as may be specified in the
order: Provided that reasonable opportunity for
making submissions shall be given by the Board to the informant, and to the
concerned industrial company if it is not the informant, before deciding
whether the said company has become a sick industrial company or not.???????????????? Where the Board, after considering the
report submitted by the operating agency and report thereon, if any, of the
Secretary submitted in pursuance of an order made by the Board or the Chairman
or in accordance with the rules made under the Act, is of the opinion that the
report of the operating agency is not complete with respect to any of the
matters referred to it for inquiry by the Board, the Board may direct the
operating agency to make such further inquiry as it may deem necessary and
submit a further report to the Board.???????????????? The operating agency shall complete its
inquiry as expeditiously as possible and make endeavour so to do within sixty
days of the commencement of the inquiry.???????????????? Where the Board after completion of its
inquiry or after considering the report or, as the case may be, the further
report of the operating agency, is satisfied that no case exists for coming to
the conclusion that the industrial company has become a sick industrial
company, it shall drop further proceedings in the reference.???????????????? Where the Board after completing its
enquiry, or after considering the report or, as the case may be, the further
report of the operating agency, is satisfied that the industrial company has
become a sick industrial company, it shall hold further proceedings in
accordance with the procedure prescribed in these regulations. CHAPTER V PROCEEDINGS
UNDER SECTION 17 The Board shall, after giving to the
informant and to the sick industrial company if it is not the informant, a
reasonable opportunity of making their submissions, pass such order as deemed
fit under sub-sections (1), (2), (3) or (4) of section 17. CHAPTER
VI PROCEDURE
FOR PREPARATION AND SANCTION OF SCHEME UNDER SECTION 18 On receipt of an order of the Board in
terms of sub-section (3) of section 17 of the Act, in relation to a sick
industrial company, the specified operating agency shall prepare a scheme,
having regard to the guidelines specified in the said order, within the time
prescribed under sub-section (1) and in terms of subsections (1) and (2) of
section 18: Provided that the Board may at the request
of the concerned operating agency and on sufficient cause being shown, suitably
extend the time for submission of the scheme.???????????????? The Board, after considering the scheme
prepared by the operating agency and report thereon, if any, of the Secretary,
submitted in pursuance of an order made by the Board, on the point as to
whether the scheme has been prepared in accordance with the guidelines
specified in the order of the Board made under sub-section (3) of section 17,
shall prepare a draft scheme and cause a copy of the same to be sent to the
sick industrial company and the operating agency: Provided that in case the said scheme
envisages amalgamation of the sick industrial company with another [16]
[***] company [17]or
vice-versa], a copy thereof shall also be sent to the transferee [18]
[***] company and any other [19]
[***] company concerned in the amalgamation for suggestions and objections, if
any. The suggestions and objections, if any, shall be furnished to the Board
within such time as may be specified by the Board: Provided that the Board may, at the
request of the concerned party and on sufficient cause being shown, suitably
extend the time for submission of suggestions and objections.???????????????? The Board shall publish or cause to be
published short particulars concerning the draft scheme, by way of
notification, in such daily newspapers and periodicals, as it may consider
necessary, inviting suggestions and objections regarding the draft scheme,
within such time as may be mentioned in the notification, from the
shareholders, creditors and employees of the sick industrial company, the
transferee [20] [***] company as well as any
other [21] [***] company concerned in
the amalgamation.???????????????? The Board shall consider the suggestions
and objections received from the sick industrial company, the operating agency
or, as the case may be, from the transferee [22]
[***] company and any other [23]
[***] company concerned in the amalgamation and from any shareholder, creditor,
or employee, of such industrial companies.???????????????? Where the draft scheme envisages amalgamation [24]
[***], the Board shall not proceed with the scheme, unless the board of
directors of the [25]
[company other than the sick industrial company] shall have placed the draft
scheme before the transferee industrial company, in the general meeting of its
shareholders and the shareholders shall have approved the draft scheme, with or
without modification, by a special resolution.???????????????? The Board may, thereafter, by order in
writing sanction the scheme, with or without any modification, in terms of sub-section
(4) of section 18.???????????? ???? For modification of the sanctioned scheme
or preparation of a fresh scheme in pursuance of the order of the Board under
sub-section (5) of section 18, the procedure prescribed in regulations 28, 29,
30, 31 and 32 of these regulations shall, as far as may be, be followed, as it
applies to a scheme prepared under regulation 28.???????????????? CHAPTER
VII PROCEDURE
FOR SANCTIONING SCHEMES UNDER SECTION 19 (1)
A scheme under sub-section (1) of section
19, which provides for financial assistance to the sick industrial company by
way of loans, advances, guarantees, reliefs, concessions or sacrifices from the
Central Government, a State Government, any scheduled or other bank, a public
financial institution or State level institution, or any institution or other
authority, shall be sanctioned by the Board, with the consent of the
Government, bank, institutions or other authorities called upon to provide
loans, advances, guarantees, reliefs, concessions or sacrifices. (2)
The Board shall cause the scheme to be
circulated to every person required by the scheme, to provide financial
assistance by way of loans, advances, guarantees, reliefs, concessions or
sacrifices for giving his consent, latest within a period of sixty days from
the date of such circulation [26]
[or within such further period not exceeding 60 days as may be allowed by the
Board. If no such consent is received, it shall be deemed to have been given]. (3)
Upon receipt of consent from every
person [27] [or when such consent is
deemed to have been given] in terms of sub-regulation (2), the Board may, as
soon as may be, sanction the scheme, which shall be binding on all concerned on
and from the date of such sanction.???????????????? Where consent under sub-section (2) of
section 19 is not given by any person required by the scheme to provide loans,
advances, guarantees, reliefs, concessions or sacrifices with respect to the
sick industrial company, the Board may adopt such other measures, including
winding up of the industrial company, as it may deem fit. CHAPTER
VIII [28] [REPORT UNDER SECTION 23 AND 23A] [29] [(1)] Industrial Companies required to report the
erosion of their net worth under section 23 shall do so in the following
manner:-- (i)
Companies other than Government company
in Form 'C'. (ii)
Government Company in Form 'CC'. [30] [(2) Reports of erosion of net worth within the
meaning of sub-section (1) of section 23A shall be made in Form D in respect of
an industrial company other than a Government company and Form DD in respect of
a Government company and shall be accompanied by five further copies thereof. (3) ??On
receipt of a report in Form D or, as the case may be, in Form "DD"
the same shall be submitted through the Secretary, to the Chairman for
assigning the case to a Bench for dealing with the same in accordance with the
provisions of the Act.]???????????????? CHAPTER
IX RESTRICTION
ON DISCLOSURE OF INFORMATION No member, officer or employee of the
Board shall disclose any information obtained, or received by him or otherwise
in his possession, being an information relating to the affairs of the Board,
or relating to an industrial company or industrial undertaking concerned in any
proceedings before the Board, except to persons legally entitled thereto. (1)
A party to any proceeding before the
Board may, subject to regulation 37 of these regulations, on an application
made by him in that behalf addressed to the Secretary, be allowed, during
office hours, to inspect or get copies of records, including documents in the
proceedings, on payment of the fees and charges as prescribed by these
regulations. (2)
The Secretary may, subject to the
provisions of regulation 37, on the application of a person, who is not a party
to the proceedings, on good cause shown, allow such inspection or to obtain
such copies, as are mentioned in the last preceding sub-regulation, on payment
of the fees/charges as prescribed by these regulations: [31] [Provided that such inspection or furnishing of
copies of documents may be allowed without any fees/charges, to reputed
research institutions, bona fide scholars or academicians, subject to such
restrictions and conditions as may be deemed necessary to ensure proper use of
the information/material or the copies, as the case may be, so obtained, or to
prevent their misuse.] (3) An inspection shall be allowed only in the presence
of an officer of the Board and copies of documents, etc., shall not be allowed
to be taken, but notes of inspection may be taken. (4) Copying charges shall be worked out at the rate
of [32] [Rs.10] for a folio or part
thereof, of material not involving typing of statements and figures and at the
rate of [33] [Rs. 20] per folio or part
thereof, involving typing of statements or figures. Fees for inspection shall
be worked out at the rate of [34]
[Rs.100] per hour of inspection. (5) Every duly authorised officer of the Central
Government, a State Government or a person duly authorised by a public
financial institution, State level institution, the Reserve Bank or, as the
case may be, a scheduled bank shall be entitled, on authorisation by the
Secretary, at all reasonable times, to inspect the file of the proceedings
before the Board and to take copies or extracts from any document therein and
to be furnished such copies of extracts. (6)
[35]Secretary may delegate the powers to allow inspection
and supply copies of records, including documents referred to in
sub-regulations (1) and (2) of this regulation to the Registrar.]???????????????? The Board may, at any time, direct the
Secretary, or any one or more of its officers to study, investigate, and report
or furnish information with respect to any matters under consideration by the
Board in relation to their functions under the Act. The Board may, for this
purpose, give such other directions as it may deem fit, and specify the time
within which the report is to be submitted or information furnished. If any
such report or information appears to the Board to be insufficient or
inadequate, the Board may give directions for giving a further report or
information: Provided that, if the report or
information so obtained, or any part thereof is brought on record of any
inquiry and is proposed to be relief upon by the Board, for forming its opinion
or view, the party or parties to the enquiry shall be given a reasonable
opportunity for making his or their submission with respect thereto.???????????????? The Board may, at any time, take the
assistance of public financial institutions, banks or other institutions,
consultants, experts, chartered accountants, surveyors and such other technical
and professional persons as it may consider necessary and ask them to submit
report or furnish any information: Provided that if the report or
information so obtained or any part thereof is brought on record of any inquiry
and is proposed to be relied upon by the Board for forming its opinion or view,
the party or parties to the inquiry shall be given a reasonable opportunity of
making his or their submissions with respect thereto.???????????????? Nothing in these regulations shall bar
the Board from adopting, in conformity with the provisions of the Act, a
procedure, which is at variance with any of the provisions of these
regulations, if the Board, in view of the special circumstances of a case or a
class of cases and for reasons to be recorded in writing, deems it necessary or
expedient for dealing with such a case or class of cases.???????????????? [1] Vide
Notification No. 2(4)/BIFR/86, dated 27th April, 1987, published in Gazette of
India, Extra., Pt. III, Sec. 4, No. 13, dated 27th April, 1987. [2] Added by
BIFR (Amendment) Regulations, 1994. [3] Added by
BIFR (Amendment) Regulations, 1994. [4] Omitted
by BIFR (Amendment) Regulations, 1994. [5] Omitted
by BIFR (Amendment) Regulations, 1994. [6] Omitted
by BIFR (Amendment) Regulations, 1994. [7] Ins. by BIFR
(Second Amendment) Regulations, 1993. [8] Subs. by BIFR (Amendment) Regulations, 1994. [9] Subs. by
BIFR (Amendment) Regulations, 1987. [10] Subs. by
BIFR (Amendment) Regulations, 1987. [11] Subs. by
BIFR (Amendment) Regulations, 1987. [12] Added. by
BIFR (First Amendment) Regulations, 1995. [13] Subs. by
BIFR (Amendment) Regulations, 1992. [14] Subs. by
BIFR (Amendment) Regulations, 1992. [15] Sub-regulations
(4), (5), (6) and (7) subs. by BIFR (Amendment) Regulations, 1994. [16] Omitted by
BIFR (Amendment) Regulations, 1994. [17] Added by
BIFR (Amendment) Regulations, 1994. [18] Omitted by
BIFR (Amendment) Regulations, 1994. [19] Omitted by
BIFR (Amendment) Regulations, 1994. [20] Omitted by
BIFR (Amendment) Regulations, 1994. [21] Omitted by
BIFR (Amendment) Regulations, 1994. [22] Omitted by
BIFR (Amendment) Regulations, 1994. [23] Omitted by
BIFR (Amendment) Regulations, 1994. [24] Omitted by
BIFR (Amendment) Regulations, 1994. [25] Subs.
by BIFR (Amendment) Regulations, 1994. [26] Ins. by BIFR (Amendment) Regulations, 1994. [27] Added by BIFR (Amendment) Regulations, 1994. [28] Subs. by
BIFR (Amendment) Regulations, 1994. [29] Regulation
36 re-numbered as sub-regulation (1) thereof by BIFR (Amendment) Regulations,
1994. [30] Added by
BIFR (Amendment) Regulations, 1994. [31] Added by
BIFR (First Amendment) Regulations, 1995. [32] Subs. by
BIFR (Second Amendment) Regulations, 1992. [33] Subs. by
BIFR (Second Amendment) Regulations, 1992. [34] Subs. by
BIFR (Second Amendment) Regulations, 1992. [35] Ins. by BIFR
(First Amendment) Regulations, 1993.BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION
REGULATIONS, 1987[1]
PREAMBLE