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............................................................................................................................DescriptionSickness has been widespread, both in the public and the private sector. Enormous funds of the public and the Government are blocked in sick industries. It is in the interest of the nation that the sick industries are rehabilitated, if possible, or else speedily wound up to liquidate their assets and use the receipts in a productive manner.Pahwa's Sick Industries and BIFR, now in its seventh edition, has been a masterpiece on the subject. Its contents and presentation have been appreciated tremendously by the readers. The Act has been subject to judicial analysis by the Supreme Court and the High Courts. The present edition has been thoroughly revised on the basis of the judicial pronouncements. All these have been liberally quoted to facilitate an easier understanding of the Act by the readers.Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was enacted to facilitate the banks and financial institutions to speedily recover their dues from the defaulting borrowers. Section 15 of SICA was also amended by the Act by which references to BIFR have been restrained in certain cases and in certain cases references already made would stand abated. The style of presentation has been retained as in the previous edition. Part I explains the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), the plight of the financial institutions and the efforts made by them to rescue potentially viable units becoming sick; Part II interprets the effect of SICA on allied Acts; Part III sets out the procedure of Reference to BIFR and Appeal to Appellate Authority; Part IV sheds practical wisdom on sickness, rehabilitation schemes, reliefs and amalgamation; Part V enunciates the case law on the subject including the watershed judgment of the Supreme Court in Kamani Tubes Ltd.; Part VI provides a detailed analysis of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Many States have notified incentive schemes for new units as well as sick units. These are dealt with in Part VII.Upto-date BIFR Regulations have been authentically reproduced. The GoswamiReport forms a useful Appendix to the Book.............................................................................................................................ContentsPart I – The Sick Industrial Companies (Special Provisions) Act, 1985Part II – Sick Industries and Allied ActsPart III – Reference and AppealPart IV – Sick Industrial Units – Operating Agency and Preparation of SchemesPart V – Case StudiesPart VI – The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Ordinance, 2002Part VII – State VAT/ Sales-tax Incentive SchemesAppendicesSubject Index............................................................................................................................Author DetailsH.P.S. Pahwa did Masters in Business Administration from Faculty of Management Studies, Delhi University in the year 1975. He started his carrier as Probationary Officer in Bank of India and subsequently shifted to PICUP, a premier State development financial institution. He has rich experience in banking and development banking. He is a prolific writer and has contributed articles to several professional journals like 'Chartered Secretary1 and 'Chartered Accountant'. His article on 'Lease Financing' has been adjudged as one of the best thought-provoking and incisive papers on the subject and has been selected for the book 'Readings in Financial Management' published by the University of Rajasthan. He is also the author of three very well received books, namely, 'Project Financing', 'Project Reports & Appraisals' and 'Sick Industries & BIFR'. He has worked for several years as the Senior Finance Manager, PICUP a State Financial Corporation before seeking premature voluntary retirement to venture as a consultant and advisor to the corporate sector.............................................................................................................................
