Application for Revival and Rehabilitation
2 (1) Every application made to the Tribunal under sub-section (1) of section 254 by one or more secured creditors of a sick company, or by the sick company, for determination of measures that may be adopted with respect to the revival and rehabilitation of such company shall be made in Form F. No such application shall be permitted to be filed by the Registry of the Tribunal unless it has been made within sixty days from the date of the order under subrule (7) of rule19.1.
Provided that the Tribunal may, if satisfied, for reasons to be recorded in writing, condone the delay of not exceeding thirty days in filing the application, however, if no application is received within the said period of thirty days, the Tribunal may pass an order to the effect that the company cannot be revived and the provisions of section 256 and section 258, shall apply.
(2) For the purposes of sub-section (2) of section 254, no such application shall be filed unless it is accompanied by the following:
(i) a copy of the audited financial statements, if available, of the debtor company for the financial year immediately preceding the date of the application.
(ii) the fee prescribed in Annexure B;
(iii) any other document which the applicant or applicants may consider it necessary for determination of the measures to be adopted for the revival and rehabilitation of the sick company .
(iv) a draft scheme of revival and rehabilitation in Form No. G.
Provided that where application is made by the sick company and it is unable to present a draft scheme, the application shall be accompanied by a declaration to that effect as per sub-section (2) of section 254 duly verified and signed by any two of its directors and duly supported by a resolution of its Board of directors. |