Board of Industrial & Financial Reconstruction (BIFR)

The Board of Industrial & Financial Reconstruction (BIFR) was constituted under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) with the intention of determining sickness in industrial companies and providing assistance to viable entities and closing down unviable ones. But, over time, referring to BIFR was considered to be a haven for promoters of sick companies and in June 2016, the government formally closed its operations. Few other ways of recovery were available to Indian banks under the ‘Recovery of Debt due to Banks and Financial Institutions Act,1992’. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002) was constituted to provide larger power for bankers and financial institutions to settle secured corporate debt.



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