BIFR Full Form, What Is The Full Form Of BIFR
BIFR Full Form, What Is The Full Form Of BIFR,
The Full Form of BIFR is Board of Industrial and Financial Reconstruction. It is called the Industrial and Financial Reconstruction Board in Hindi. BIFR was an agency of the Government of India and a part of the Department of Financial Services of the Ministry of Finance. It was established under the Special Provision Act of SICA 1985 to sick industrial companies. Friends, we hope you have come to know the full form of BIFR, so let's get more general information about it now.
The purpose of BIFR was to revive and rehabilitate the sick enterprises and shutdowns or liquidation of potentially ill or non-viable industrial companies. It has provided suitable revival packages depending on the nature of the problem.
History of BIFR
Industrial disease started in India during the pre-independence days. Initially, the Government of India tried to deal with this with some advertisement measures, including nationalization of banks, to provide temporary relief. In 1975, Tandon Committee was set up by RBI. A year later the HN Ray Committee was formed in 1976. These committees suggested some measures which were not satisfactory.
In 1981, a Tiwari committee was constituted which suggested a comprehensive law to deal with industrial disease. But as a result SICA came into existence in 1985 and BIFR was established in January 1987 under SICA. And then in April 1987, the Appellate Authority for Industrial and Financial Reconstruction AAIFR was constituted and in 1991, the government companies were brought under the purview of SICA and then later included both public and private companies in industrial undertakings. Was
The Companies Amendment Bill was introduced in 2001 as the government felt that BIFR has not fulfilled its objectives of preventive industrial disease. And then in 2003, the sick industrial companies Special Provision Repeal Act was enacted. Which replaced SICA and sought to replace BIFR and AAIFR with National Company Law Tribunal NCLT and National Company Law Appellate Tribunal NCLAT.
On 1 December 2016, the Government of India dissolved the BIFR through official notification and all proceedings were to be referred to the NCLT in accordance with the Insolvency and Bankruptcy Code.
The Full Form of BIFR is Board of Industrial and Financial Reconstruction. It is called the Industrial and Financial Reconstruction Board in Hindi. BIFR was an agency of the Government of India and a part of the Department of Financial Services of the Ministry of Finance. It was established under the Special Provision Act of SICA 1985 to sick industrial companies. Friends, we hope you have come to know the full form of BIFR, so let's get more general information about it now.
The purpose of BIFR was to revive and rehabilitate the sick enterprises and shutdowns or liquidation of potentially ill or non-viable industrial companies. It has provided suitable revival packages depending on the nature of the problem.
History of BIFR
Industrial disease started in India during the pre-independence days. Initially, the Government of India tried to deal with this with some advertisement measures, including nationalization of banks, to provide temporary relief. In 1975, Tandon Committee was set up by RBI. A year later the HN Ray Committee was formed in 1976. These committees suggested some measures which were not satisfactory.
In 1981, a Tiwari committee was constituted which suggested a comprehensive law to deal with industrial disease. But as a result SICA came into existence in 1985 and BIFR was established in January 1987 under SICA. And then in April 1987, the Appellate Authority for Industrial and Financial Reconstruction AAIFR was constituted and in 1991, the government companies were brought under the purview of SICA and then later included both public and private companies in industrial undertakings. Was
The Companies Amendment Bill was introduced in 2001 as the government felt that BIFR has not fulfilled its objectives of preventive industrial disease. And then in 2003, the sick industrial companies Special Provision Repeal Act was enacted. Which replaced SICA and sought to replace BIFR and AAIFR with National Company Law Tribunal NCLT and National Company Law Appellate Tribunal NCLAT.
On 1 December 2016, the Government of India dissolved the BIFR through official notification and all proceedings were to be referred to the NCLT in accordance with the Insolvency and Bankruptcy Code.
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