When is a company declared as a sick unit by BIFR and under revival declared as REVIVED?
What are the parameters to confirm the same?
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Revived unit
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Provisions relating to corporate sickness have been completely changed very recently. BIFR has since been dissolved and now Insolvency & Bankruptcy Board of India has become operational under The Insolvency & Bankruptcy Code 2016. Under the code any creditor for Rs.1 lac or more may send notice to the defaulting company and in case of default National Company Law Tribunal can initiate process for its winding up. For details you may refer the following link:
https://ibbi.gov.in/index.H T M L
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