Companies Act, 1956

Section - 424B - Inquiry into working of sick industrial companies

Inquiry into working of sick industrial companies.

424B. (1) The Tribunal may make such inquiry as it may deem fit for determining whether any industrial company has become a sick industrial company—

          (a)  upon receipt of a reference with respect to such company under ; or

         (b)  upon information received with respect to such company or upon its own knowledge as to the financial condition of the company.

(2) The Tribunal may, if it deems necessary or expedient so to do for the expeditious disposal of an inquiry under sub-section (1), require by order any operating agency to enquire into the scheme for revival and make a report with respect to such matters as may be specified in the order.

(3) The operating agency shall complete its inquiry as expeditiously as possible and submit its report to the Tribunal within twenty-one days from the date of such order:

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