Question

Which agency has the power to declare any company sick?

Answer 1

BIFR is the agency which has the power

Answer 2

The ‘Board for Industrial and Financial Reconstruction’ (BIFR) is the agency that has the power to declare any company sick.

Explanation:

• The ‘BIFR’ was established under ‘The Sick Industrial Companies’ ACT 1985. The board became functional in the year 1987.  

• The objective of the board is to determine the sickness of the industrial companies and to give them all forms of assistance to recover.  

• If they are workable they can recover or else they are shut down. The agency is part of the Government of India under the Ministry of Finance.

Learn more about Board for Industrial and Financial Reconstruction

Board for industrial and financial reconstruction is now replaced by

A) SEBI

B) NFRA

C) IRDA

D) IBBI​

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What is the full form of BIFR? and explain it.

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