 | |
| Formation | 1987 |
|---|---|
| Dissolved | 30 November 2016 |
| Type | Development Finance Institution |
| Legal status | Statutory |
| Purpose | Sick company remedies |
| Location |
|
| Coordinates | 28°37′33″N 77°13′13″E / 28.625846°N 77.220299°E |
Region served | India |
Chairman | Nirmal Singh |
Parent organisation | Ministry of Finance, Government of India |
| Website | www |
The Board for Industrial and Financial Reconstruction (BIFR) was a development finance institution under the ownership of Ministry of Finance, Government of India, part of the Department of Financial Services of the Ministry of Finance. Set up in January 1987 by the Rajiv Gandhi government, its objective was to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others.[1] On 1 December 2016, the Narendra Modi government dissolved BIFR and referred all proceedings to the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) as per provisions of Insolvency and Bankruptcy Code.[2]
- ^ Brief Introduction.
- ^ "Sick Industrial Companies (Special Provisions) Act, 1985 repealed and BIFR/ AIFR dissolved" (PDF). PWC. Retrieved 13 January 2017.