A restoration of reputation and character, the term has many context-sensitive meanings. Rehabilitation is the process of re-educating and retraining those who commit crime. Join Sushma and 10,000 monthly readers here to learn how to save and invest your money wisely. Once the tribunal is satisfied that a company has become a sick company, and it is in a position to repay its debts, within a reasonable time, it shall order the company to repay its debts. What is rehabilitation? Definition of. The process of rehabilitating a witness involves restoring the credibility of the witness following Impeachment by the opposing party. Abstract *** This chapter addresses the rehabilitation of insurers. Business Plan format for Project Submission, Pros And Cons Of The Bait And Switch Technique, How to Pay SBI Credit Card Bill Payment Online, 10 Best Banks For Education Loan In India. Cambridge Dictionary +Plus In certain circumstances, the Tribunal may appoint an interim administrator as the company administrator to perform such functions as the Tribunal may direct. The Rehabilitation of an Insolvent. […] is the procedure for the revival of the sick company under Companies Author- sonal Srivastava link-https://blog.ipleaders.in/procedure-revival-sick-company-companies-act/   date of […], © Copyright 2016, All Rights Reserved. Learn more. Video shows what rehabilitation means. Based on 1 documents. Mobile phones have become a basic need for people in today’s world, and with their increased usage; the…, Given below is a sample format of a business plan under which organizations can apply for support and…. The restoration of former rights, authority, or abilities. According to section 257, an interim administrator shall appoint a committee of creditors such number of creditors as he may determine but shall not exceed seven and these members shall meet in all the meetings and the interim administrator may direct all the promoters, directors, key managerial personnel of the company to come in any meeting and furnish such information as is required and necessary. The application shall be made to the tribunal within sixty days from the date of determination of the company as a sick company by the tribunal under section 253 of the Companies Act, 2013. Where no draft scheme is provided the tribunal shall direct the interim administrator to take over the management of the business and where an interim administrator is directed to take over the management of the company, the director and the management of the company shall provide full assistance and cooperation to the interim administrator. PwC has taken the utmost care to ensure accuracy and objectivity while developing this report based on information available in the public domain. coverage of the Sick Industrial Companies  Act, 1985 (SICA), companies act 2013 oppression and mismanagement. What updates do you want to see in this article? Rehabilitation is defined as bringing back to a positive condition. Land rehabilitation as a part of environmental remediation is the process of returning the land in a given area to some degree of its former state, after some process (industry, natural disasters, etc.) Changing the term "job placement" to reflect choice. The noun rehabilitation comes from the Latin prefix re-, meaning “again” and habitare, meaning “make fit.”. Your email address will not be published. By Patrick H. Cantilo, Mark F. Bennett, Arati Bhattacharya. PwC is not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of the information contained in this report and especially states that PwC (including all divisions) has no financial liability whatsoever to the user of this report. In this blogpost, Sonal Srivastava, Student, Amity Law School, Lucknow, writes about what determines sickness and the procedure for filing an application for revival and rehabilitation of a sick company. In response to the application made by either the secured creditor or by the company itself, if the Tribunal is satisfied that a company has become a sick company,  it shall give time to the company to settle its outstanding debts if Tribunal believes that it is practical for the company to make the repayment of its debts within a reasonable period of time. Section 253 of the Companies Act, 2013 talks about the determination of the sickness of a company. The measures that have been identified under section 261 of the 2013 Act for the purpose of revival and rehabilitation of a sick company provides for the following options: —   Change in or takeover  of the management, —    The amalgamation of the sick company with any other company,  or another company’s amalgamation with the sick company. ‘She prepped for the movie by visiting ex-addicts at a rehabilitation … Weekly Competition – Week 4 – September 2019, Weekly Competition – Week 2 – October 2019, Weekly Competition – Week 3 – October 2019, Weekly Competition – Week 4 – October 2019, Weekly Competition – Week 1 – November 2019, Weekly Competition – Week 2 – November 2019, Weekly Competition – Week 3 – November 2019, Weekly Competition – Week 4 – November 2019, Weekly Competition – Week 1 – December 2019, Confessions Of A Co-Accused And Its Evidentiary Value (Critical Analysis Of Section 30 Of Evidence Act), All You Need To Know About Nidhi Companies, Alternative narrative via media houses affecting national integrity, BLOG- REVIVAL AND RESTRUCTURING OF SICK COMPANIES UNDER COMPANIES ACT,2013 ⋆ LAWYERSGYAN. rehabilitation definition: 1. the process of returning to a healthy or good way of life, or the process of helping someone to…. How to use rehabilitation in a sentence. The Tribunal, after examining the scheme will give its approval with or without any modification. The scheme shall be sanctioned as per section 262 of the Act and shall be binding on the party and shall be implemented by the tribunal by taking all necessary steps. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. The restoration of former rights, authority, or abilities. Disclaimer: This PDF/PPT Research report above is an extract from the full report prepared by the Price Waters Cooperhouse (PwC). Rehabilitating a prisoner refers to preparing him or her for a productive life upon release from prison. The administrator thus appointed would be required to prepare a report specifying the measures for revival and rehabilitation of the identified sick industry. In other words, the determining factor of a sick company has now been shifted to the secured creditors or banks and financial institutions with regard to the assessment of a company as a sick company. A draft scheme for revival and rehabilitation of the company in such manner as may be prescribed. 6. The coverage of the Sick Industrial Companies  Act, 1985 (SICA) is limited to only industrial companies, while the 2013 Act covers the revival and rehabilitation of all companies, irrespective of their sector. No. Save my name, email, and website in this browser for the next time I comment. 1. Rehabilitation definition is - the action, process, or result of rehabilitating or of being rehabilitated: such as. | Powered by. Section 253 of the Companies Act, 2013 talks about the determination of the sickness of a company. A scheme for revival and rehabilitation shall be prepared by the company administrator as per the provision of section 261 and it shall include measures like financial reconstruction of the sick company, proper management of the sick company, amalgamation of the sick company with other company or other company with the sick company, takeover of the sick company by solvent company, sale or lease of a part of any assets, rationalization of managerial personnel, such other preventive measure as may be  necessary. Top Digital Payment Banks & E-Wallets In India, 20 Free Job Posting Sites to Help You Hire the Right Candidate, 28 Best Online Business Ideas in India 2021, 30 Ways to Make Fast Money Online in India 2021, Top 30 Legit Paid Survey Sites to Make Money in India, The company has failed to pay the debt within a period of 30  days of the service of the notice of demand, The company has failed to secure or compound the debt to the reasonable satisfaction of the creditors. Rehabilitation is about enabling and supporting individuals to recover or adjust, to achieve their full potential and to live as full and active lives as possible. However, neither the accuracy nor completeness of the information contained in this report is guaranteed. You can call 1-800-218-1044 or write to: Ullico Casualty Company in Rehabilitation c/o Delaware Insurance Department Bureau of Rehabilitation and Liquidation Suite 602 704 N. King Street Wilmington, DE 19801 It exclusively covers the provisions for the determination of sickness, application for revival and rehabilitation, appointment of interim administrator, committee of creditors, appointment of administrator, powers and duties of company administrator, scheme for revival and rehabilitation, sanction of scheme, implementation of scheme, winding up of company on the report of certain administrators, punishment for certain offences, assessment of damages against delinquent directors, etc. The 2013 Act does not recognize the role of all stakeholders in the revival and rehabilitation of a sick company,  and provisions predominantly revolve around secured creditors. Rehabilitation is a procedure which is designed specifically for recuperating a patient from a type of illness, malfunction of a body part, an accident or a physical damage. Once a company is assessed to be a sick company, an application could be made to the Tribunal under  section 254 of 2013. 5. Rehabilitating a prisoner refers to preparing him or her for a productive life upon release from prison. According to it any secured creditor of a company representing 50% or more of outstanding amount of debt, the company has failed to pay the debt within a period of thirty days of the service of the notice of demand or to secure or compound it to the reasonable satisfaction of the creditors, then any secured creditor shall file an application to the tribunal in a prescribed manner along with references of all such evidence for such default, non-payment, etc. 2. Rehabilitation. However, if the scheme is not approved by the creditors, the company administrator shall submit a report to the Tribunal within 15  days, and the Tribunal shall order for the winding up of the sick company. 7), an individual in the rehabilitation process also should be identified verbally as a person making a choice to accept a job and, consequently, as a person actively partaking in the employment process. noun. This article written by Nanika Prinsloo of Prinsloo & Associates Attorneys. What it’s all about! Rehabilitation is the process of removing,orreducing as far as possible, the factors that limit the activity and participation of a person with disability, so that he/she can att ittainand maitiintain the hi h thighest possible lllevel of independence and quality of life: physically, mentally, Many translated example sentences containing "Rehabilitation" – English-German dictionary and search engine for English translations. The application thus made must be accompanied by audited financial statements of the company relating to the immediately preceding financial year, a draft scheme of revival and rehabilitation of the company,  and with such other documents as may be prescribed. The scheme thus prepared, will need to be approved by the secured and unsecured creditors representing three-fourth and one-fourth of the total representation in amounts outstanding respectively, before submission to the Tribunal for sanctioning the scheme pursuant to the requirement of section 262 of the 2013 Act. Rehabilitation: the process or period of gradually regaining one's health and strength. Required fields are marked *. A fund shall be formed under section 269 of the Act which shall be called as the Rehabilitation and Insolvency Fund for the purposes of revival, rehabilitation, and liquidation of the sick companies. Rehabilitation definition: the act or process of rehabilitating | Meaning, pronunciation, translations and examples The goal is to re-integrate offenders back into society. The scheme, thus approved will be communicated to the sick company and the company administrator, and in the case of amalgamation, also to any other company concerned. 2844-VCP, in the Court of Chancery of the State of Delaware.‌. On the passing of an order, the Tribunal shall conduct the proceedings for winding up of the sick company in accordance with the provisions of Chapter XX. What is Moratorium Period? Due to the use of the funds contributed to a rehabilitation trust being restricted and which can only be withdrawn for rehabilitation purposes (or used for purposes set out in section 37A), many mining companies have opted to provide for rehabilitation solely through insurance policies rather than to establish rehabilitation trusts (i.e. Prior to an insurance company bankruptcy, the insurance company will go through a process called rehabilitation dictated by the laws of the state, whereby the state insurance commission will make every attempt to help the company regain its financial footing. Rehabilitation Definition Rehabilitation is a treatment or treatments designed to facilitate the process of recovery from injury, illness, or disease to as normal a condition as possible. has resulted in its damage.Many projects and developments will result in the land becoming degraded, for example mining, farming and forestry In accordance with the requirement of section 253 of 2013. Rehab should start as soon as possible to speed recovery. Section 254 of the Companies Act, 2013 talks about the application for revival and rehabilitation and according to which any company that has been determined as sick company under section 253 of the Act can make an application to the tribunal to order for necessary steps to be taken for its revival and rehabilitation and the application shall be accompanied by-. ‘The rehabilitation of the actor is complete.’ ‘This could be the year known for the rehabilitation of this almost forgotten actor.’ ‘The West denounced the East as a desert of slab blocks, shabby, inferior and authoritarian, and feared a 'rehabilitation' of the rigorous social agenda.’ Definition of rehabilitation noun in Oxford Advanced Learner's Dictionary. What is rehabilitation? Cambridge Dictionary +Plus As per the provisions of the section 263of the Act, the company shall be wound up if the scheme is not approved by the creditors and the administrator shall submit the report within fifteen days and the tribunal shall order for the winding up of the company. Rehabilitation is also an essential component of comprehensive Multiple Sclerosis (MS) care. Rehabilitation Meaning. Thus, the present article shall deal with the certain provisions related to revival and rehabilitation of the sick companies in detail. Thus, the Companies Act provides exhaustive measures for the revival and rehabilitation of the sick companies and the tribunal is vested with powers to take all necessary measures for the revival and rehabilitation of the sick companies. According to section 256 of the Act, as soon as an application is made under section 254 of the Act, the Tribunal shall fix a date of hearing and appoint an interim administrator who shall within 45 days of his appointment fix a meeting with the creditors of the company and prepare a draft scheme for revival and present it before the tribunal within sixty days from the meeting. Act, a company is assessed to be  sick on a demand by the secured  creditors of a company representing 50%  or more of its outstanding amount of debt under  the following circumstances: To speed up the revival and rehabilitation process, the 2013 Act provides a one year time period for the finalization of the rehabilitation plan. noun. 0. An example of rehabilitation is helping a car accident victim regain use of her legs. Learn more. On the date of hearing fixed by the tribunal, if the resolution is passed by the three-fourth members of the company that it is impossible to revive and rehabilitate the sick company or by adopting such measures the sick company shall be revived and rehabilitated, the tribunal shall pass such orders and where necessary may appoint a company administrator who shall discharge his functions as enumerated in the Act.