Section Text
MM) MM. Inserted by Companies (Second Amendment) Act, 2002. (Act 11 of 2003) published in the Gazette of India, Extra., Part II. Section 1, dated 14th January,2003 (1) At any time before completion of the inquiry under Section 424-B, the sick industrial company or the Central Government or the Reserve Bank of India or a State Government or a public financial institution or a State level institution or a scheduled bank or any other institution, bank or authority providing or intending to provide any financial assistance by way of loans or advances or guarantees or reliefs, or concessions to such industrial company may make an application to the Tribunal- (a)agreeing to an arrangement for continuing the operations of the sick industrial company; or (b)suggesting a scheme for the financial reconstruction of the sick industrial company.
(2) The Tribunal may, within sixty days of the receipt of the application under sub- section (1), pass such orders thereon as it may deem fit.