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  • Role of BIFR

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    sisodiapresent
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    The Board for Industrial and Financial Reconstruction (BIFR) was established in 1987 to evaluate the viability of sick industrial companies in India with the goal of either rehabilitating them or closing them down. The BIFR oversees the process of inquiry into sick companies, preparation of rehabilitation schemes, and implementation of approved schemes. However, the BIFR faces constraints such as delays in reporting by operating agencies, lack of cooperation from banks and promoters, and prolonged legal appeals that hamper its effectiveness. Suggestions to improve the BIFR include one-time debt settlement, replacing weak promoters, and restricting approval of new units until existing ones are rehabilitated or closed.

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    27880256-Role of BIFR

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    The Board for Industrial and Financial Reconstruction (BIFR) was established in 1987 to evaluate the viability of sick industrial companies in India with the goal of either rehabilitating them or closing them down. The BIFR oversees the process of inquiry into sick companies, preparation of rehabilitation schemes, and implementation of approved schemes. However, the BIFR faces constraints such as delays in reporting by operating agencies, lack of cooperation from banks and promoters, and prolonged legal appeals that hamper its effectiveness. Suggestions to improve the BIFR include one-time debt settlement, replacing weak promoters, and restricting approval of new units until existing ones are rehabilitated or closed.

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    Attribution Non-Commercial (BY-NC)
    Скачайте в формате TXT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    71 просмотров14 страниц

    Role of BIFR

    Загружено:

    sisodiapresent
    The Board for Industrial and Financial Reconstruction (BIFR) was established in 1987 to evaluate the viability of sick industrial companies in India with the goal of either rehabilitating them or closing them down. The BIFR oversees the process of inquiry into sick companies, preparation of rehabilitation schemes, and implementation of approved schemes. However, the BIFR faces constraints such as delays in reporting by operating agencies, lack of cooperation from banks and promoters, and prolonged legal appeals that hamper its effectiveness. Suggestions to improve the BIFR include one-time debt settlement, replacing weak promoters, and restricting approval of new units until existing ones are rehabilitated or closed.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате TXT, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 14

    RoleofBIFR

    Monirba{Allahabaduniversity} 03/05/10 MONIRBA

    Agenda 03/05/10 MONIRBA

    qIntroduction qObjectives q qProcessflowchartofBIFR'sworking q qFunctionsofoperatinga nderSICA q qBIFRorganizationalstructure q qFactsandFigures q qConstraintsfacedbyBIF estionstomakeBIFRmoreeffective q qConclusion q q 2

    Introduction qInthewakeofsicknessinthecountry'sindustrialclimateprevailinginthe eighties,the n1981,aCommitteeofExpertsunder theChairmanshipofShriT.Tiwaritoexaminethematter eremediestherefore.BasedontherecommendationsoftheCommittee,the GovernmentofIndia gislationnamely,theSickIndustrial Companies(SpecialProvisions)Act,1985(1of1986)c eSICA q qTheBoardofexpertsnamedtheBoardforIndustrialandFinancial Reconstruction( uary,1987andfunctionalwitheffectfrom 15th May1987 03/05/10 MONIRBA 3

    Objectives qToevaluatethetechnoeconomicviabilityofsickindustrialcompanieswitha viewtoeithe emortoclosingthemdown q qTostopcontinueddrainofpublicandprivateresources q qTop sfaraspracticable 03/05/10 MONIRBA 4

    ProcessflowchartofBIFR'sworking Enquiry Networthpositivethroughitsownefforts Itisinpublicinteresttorehabilita echnoeconomicviabilityreport Possibilitiesofmergerorchangeofmgt. BIFRdrawssch on Consensusofpartiescalledupon Freshfundsarerelease 03/05/10 MONIRBA 5

    FunctionsofoperatingagencyunderSICA qConductinginquiry q qPreparationofscheme q qRecommendationtoBIFR q qImplementationof eme q qAppointmentofliquidatorbyhighcourt q qTopreparelistofassets,liabilities,sha Allbooksofaccounts,registers,maps,plants,records,documentsoftitleor ownership 6 03/05/10 MONIRBA

    03/05/10 MONIRBA 7

    Facts&Figures qYearwiseperformance q qListofoperatingagencies qRegistrationofPSUs q qNo.ofcases tatewise) q qNo.ofcasesregistered(industrywise) q qFilingofreference 03/05/10 MONIRBA 8

    ConstraintsandProblems qDelayinsubmissionofreportsbyoperatingagencies q qLackofpromptandfinalresponsein dconcessions q qReluctanceonthepartofbanksandFIs q qProlongeddelayfrompromoterssi lsregisteredwiththeAAIFRagainstBIFR q qSeveralappealsagainstBIFRinHighCourts q 03/05/10 MONIRBA 9

    SuggestionstomakeBIFRmoreeffective qOnetimesettlementofexistingdues q qSubstitutingweakpromotersbystrongandresource q qConcessionalinterestrateswheretimeresortedisless q qSaleofunitsbyBIFRinstead gorderstobeimplementedby HighCourts q qRestrictionoveradditionofnewunitsunlesst herclosed afterduescrutinybyBIFRorRehabilitated q qConcurrenceofmajorityofworkers 10 03/05/10 MONIRBA

    Conclusion 03/05/10 MONIRBA

    Onceagain,itwillrequirelotofexpertiseandexposuretoplanandextend counselingona ingofresourceswillbenecessary. Atallorderindeed,butthereseemstobenoshortcut. 11

    References: qEntrepreneurshipandSmallBusinessManagementby M.B.Shukla q qwww.bifr.in 12 03/05/10 MONIRBA

    13 03/05/10 MONIRBA

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