What was the role of the Board for Industrial and Financial Reconstruction (BIFR)? Why was the BIFR Act repealed in 2003? Discuss with respect to specific provisions of BIFR Act 1985. Rehabilitation...

What was the role of the Board for Industrial and Financial Reconstruction (BIFR)? Why was the BIFR Act repealed in 2003? Discuss with respect to specific provisions of BIFR Act 1985. Rehabilitation of companies has been assigned after 2003 to National Company Law Tribunal (NCLT), which was incorporated under the Companies Act, 1956. In what way NCLT is having provisions that are superior to those of the BIFR to handle sickness effectively?