Board for Industrial and Financial Reconstruction

Board for Industrial and Financial Reconstruction
Formation1987
Dissolved30 November 2016
TypeDevelopment Finance Institution
Legal statusStatutory
PurposeSick company remedies
Location
  • New Delhi
Coordinates28°37′33″N 77°13′13″E / 28.625846°N 77.220299°E / 28.625846; 77.220299
Region served
India
Chairman
Nirmal Singh
Parent organisation
Ministry of Finance, Government of India
Websitewww.bifr.nic.in

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]

  1. ^ Brief Introduction.
  2. ^ "Sick Industrial Companies (Special Provisions) Act, 1985 repealed and BIFR/ AIFR dissolved" (PDF). PWC. Retrieved 13 January 2017.