REVIVAL AND REHABILITATION OF SICK COMPANIES (AS PER COMPANIES ACT 2013) Determin ti!n !

" #i$%ne##& As per section 253 of the Companies Act, 2013 , sickness of a company will be determined as follows:(1 !here on a demand by the sec"red creditors of a company representin# fifty per cent or more of its o"tstandin# amo"nt of debt, the company has failed to pay the debt within a period of thirty days of the ser$ice of the notice of demand or to sec"re or compo"nd it to the reasonable satisfaction of the creditors, any sec"red creditor may file an ''(i$ ti!n to the %ational Company &aw 'rib"nal (%C&' in the prescribed manner alon# with the rele$ant e$idence for s"ch defa"lt, nonrepayment or fail"re to offer sec"rity or compo"nd it, for a determination that the company be declared as a sick company( (2 'he applicant "nder s"b-section (1 may, alon# with an application "nder that s"bsection or at any sta#e of the proceedin#s thereafter, make an application for the stay of any proceedin# for the windin# "p of the company or for e)ec"tion, distress or the like a#ainst any property and assets of the company or for the appointment of a recei$er in respect thereof and that no s"it for the reco$ery of any money or for the enforcement of any sec"rity a#ainst the company shall lie or be proceeded with( (3 'he %C&' may pass an order in respect of an application "nder s"b-section (2 which shall be operati$e for a period of one h"ndred and twenty days( (* 'he company referred to in s"b-section (1 may also file an application to the %C&' on one or more of the #ro"nds specified in s"b-sections (1 and (2 abo$e( (5 !itho"t pre+"dice to the pro$isions of s"b-sections (1 to (* , the Central ,o$ernment or the -eser$e .ank of /ndia or a 0tate ,o$ernment or a p"blic financial instit"tion or a 0tate le$el instit"tion or a sched"led bank may, if it has s"fficient reasons to belie$e that any company has become, for the p"rposes of the Act, a sick company, make a reference in respect of s"ch company to the %C&' for determination of the meas"res which may be adopted with respect to s"ch company: 1ro$ided that a reference shall not be made "nder this s"b-section in respect of any company by: (a the ,o$ernment of any 0tate "nless all or any of the "ndertakin#s belon#in# to s"ch company are sit"ated in s"ch 0tate2 (b a p"blic financial instit"tion or a 0tate le$el instit"tion or a sched"led bank "nless it has, by reason of any financial assistance or obli#ation rendered by it, or "ndertaken by it, with respect to s"ch company, an interest in s"ch company( (3 !here an application "nder s"b-section (1 or s"b-section (* has been filed,(a the company shall not dispose of or otherwise enter into any obli#ation with

re#ard to, its properties or assets e)cept as re4"ired in the normal co"rse of b"siness2 (b the .oard of 5irectors shall not take any steps likely to pre+"dice the interests of the creditors( (6 'he %C&' shall, within a period of si)ty days of the receipt of an application "nder s"b-section (1 or s"b-section (* , determine whether the company is a sick company or not: 1ro$ided that no s"ch determination shall be made in respect of an application "nder s"b-section (1 "nless the company has been #i$en notice of the application and a reasonable opport"nity to reply to the notice within thirty days of the receipt thereof( (7 /f the %C&' is satisfied that a company has become a sick company, the %C&' shall, after considerin# all the rele$ant facts and circ"mstances of the case, decide, as soon as may be, by an order in writin#, whether it is practicable for the company to make the repayment of its debts referred to in s"b-section (1 within a reasonable time( (8 /f the %C&' deems fit "nder s"b-section (7 that it is practicable for a sick company to pay its debts referred to in that s"b-section within a reasonable time, the %C&' shall, by order in writin# and s"b+ect to s"ch restrictions or conditions as may be specified in the order, #i$e s"ch time to the company as it may deem fit to make repayment of the debt( A''(i$ ti!n "!r re)i) ( n* re+ ,i(it ti!n ( Se$ti!n 2-.)

(1 9n the determination of a company as a sick company by the %C&' "nder section 253, any sec"red creditor of that company or the company may make an application to the %C&' for the determination of the meas"res that may be adopted with respect to the re$i$al and rehabilitation of s"ch company: 1ro$ided that in case any reference had been made before the %C&' and a scheme for re$i$al and rehabilitation s"bmitted, s"ch reference shall abate if the sec"red creditors representin# three-fo"rths in $al"e of the amo"nt o"tstandin# a#ainst financial assistance disb"rsed to the borrower ha$e taken meas"res to reco$er their sec"red debt "nder s"b-section (* of section 13 of the 0ec"ritisation and -econstr"ction of :inancial Assets and ;nforcement of 0ec"rity /nterest Act, 2002: 1ro$ided f"rther that no reference shall be made "nder this section if the sec"red creditors representin# three-fo"rths in $al"e of the amo"nt o"tstandin# a#ainst financial assistance disb"rsed to the borrower ha$e taken meas"res to reco$er their sec"red debt "nder s"b-section (* of section 13 of the 0ec"ritisation and -econstr"ction of :inancial Assets and ;nforcement of 0ec"rity /nterest Act, 2002: 1ro$ided also that where the financial assets of the sick company had been ac4"ired by any sec"ritisation company or reconstr"ction company "nder s"bsection (1 of section 5 of the 0ec"ritisation and -econstr"ction of :inancial Assets and ;nforcement of 0ec"rity /nterest Act, 2002, no s"ch application shall be made

witho"t the consent of sec"ritisation company or reconstr"ction company which has ac4"ired s"ch assets( (2 An application "nder s"b-section (1 shall be accompanied by< (a a"dited financial statements of the company relatin# to the immediately precedin# financial year2 (b s"ch partic"lars and doc"ments, d"ly a"thenticated in s"ch manner, alon# with s"ch fees as may be prescribed2 and (c a draft scheme of re$i$al and rehabilitation of the company in s"ch manner as may be prescribed: 1ro$ided that where the sick company has no draft scheme of re$i$al and rehabilitation to offer, it shall file a declaration to that effect alon# with the application( (3 An application "nder s"b-section (1 shall be made to the %C&' within a period of si)ty days from the date of determination of the company as a sick company by the %C&' "nder section 253( E/$(0#i!n !" $ert in time in $!m'0tin1 'eri!* !" (imit ti!n ( Se$ti!n 2--)

%otwithstandin# anythin# contained in the &imitation Act, 1833 or in any other law for the time bein# in force, in comp"tin# the period of limitation specified for any s"it or application in the name and on behalf of a company for which an application has been made to the %C&' "nder s"b-section (1 of section 253, for a determination to be declared as a sick company or at any sta#e thereafter, the period d"rin# which the stay order as pro$ided "nder s"b-section (3 of section 253, was applicable shall be e)cl"ded( A''!intment !" interim *mini#tr t!r ( Se$ti!n 2-2)

(1 9n the receipt of an application "nder section 25*, the %C&' shall, not later than se$en days from s"ch receipt,< (a fi) a date for hearin# not later than ninety days from date of its receipt2 (b appoint an interim administrator to con$ene a meetin# of creditors of the company in accordance with the pro$isions of section 256 to be held not later than forty-fi$e days from receipt of the order of the %C&' appointin# him to consider whether on the basis of the partic"lars and doc"ments f"rnished with the application made "nder section 25*, the draft scheme, if any, filed alon# with s"ch application or otherwise and any other material a$ailable, it is possible to re$i$e and rehabilitate the sick company and s"ch other matters, which the interim administrator may consider necessary for the p"rpose and to s"bmit his report to the %C&' within si)ty days from the date of the order: 1ro$ided that where no draft scheme is filed by the company and a declaration has been made to that effect by the .oard of 5irectors, the %C&' may direct the interim administrator to take o$er the mana#ement of the company2 and (c iss"e s"ch other directions to the interim administrator as the %C&' may consider necessary to protect and preser$e the assets of the sick company and for

its proper mana#ement( (2 !here an interim administrator has been directed to take o$er the mana#ement of the company, the directors and the mana#ement of the company shall e)tend all possible assistance and cooperation to the interim administrator to mana#e the affairs of the company( C!mmittee !" $re*it!r# ( Se$ti!n 2-3 ) (1 'he interim administrator shall appoint a committee of creditors with s"ch n"mber of members as he may determine, b"t not e)ceedin# se$en, and as far as possible a representati$e each of e$ery class of creditors sho"ld be represented in that committee( (2 'he holdin# of the meetin# of the committee of creditors and the proced"re to be followed at s"ch meetin#s, incl"din# the appointment of its chairperson, shall be decided by the interim administrator( (3 'he interim administrator may direct any promoter, director or any key mana#erial personnel to attend any meetin# of the committee of creditors and to f"rnish s"ch information as may be considered necessary by the interim administrator( Or*er !" NCLT ( Se$ti!n 2-4 ) 9n the date of hearin# fi)ed by the %C&' and on consideration of the report of the interim administrator filed "nder s"b-section (1 of section 253, if the %C&' is satisfied that the creditors representin# three-fo"rths in $al"e of the amo"nt o"tstandin# a#ainst the sick company present and $otin# ha$e resol$ed that< (a it is not possible to re$i$e and rehabilitate s"ch company, the %C&' shall record s"ch opinion and order that the proceedin#s for the windin# "p of the company be initiated2 or (b by adoptin# certain meas"res the sick company may be re$i$ed and rehabilitated, the %C&' shall appoint a company administrator for the company and ca"se s"ch administrator to prepare a scheme of re$i$al and rehabilitation of the sick company: 1ro$ided that the %C&' may, if it thinks fit, appoint an interim administrator as the company administrator( A''!intment !" *mini#tr t!r ( Se$ti!n 2-5) (1 'he interim administrator or the company administrator, as the case may be, shall be appointed by the %C&' from a databank maintained by the Central ,o$ernment or any instit"te or a#ency a"thorised by the Central ,o$ernment in a manner as may be prescribed consistin# of the names of company secretaries, chartered acco"ntants, cost acco"ntants and s"ch other professionals as may, by notification, be specified by the Central ,o$ernment( 'he terms and conditions of the appointment of interim and company administrators shall be s"ch as may be ordered by the %C&'(

(2

(3

'he %C&' may direct the company administrator to take o$er the assets or mana#ement of the company and for the p"rpose of assistin# him in the mana#ement of the company, the company administrator may, with the appro$al of the %C&', en#a#e the ser$ices of s"itable e)pert or e)perts( n* *0tie# !" $!m' n7 *mini#tr t!r (Se$ti!n 220)

P!6er#

(1 'he company administrator shall perform s"ch f"nctions as the %C&' may direct( (2 !itho"t pre+"dice to the pro$isions of s"b-section (1 , the company administrator may ca"se to be prepared with respect to the company: (a a complete in$entory of< (i all assets and liabilities of whate$er nat"re2 (ii all books of acco"nt, re#isters, maps, plans, records, doc"ments of title and all other doc"ments of whate$er nat"re2

(b a list of shareholders and a list of creditors showin# separately in the list of creditors, the sec"red creditors and "nsec"red creditors2 (c a $al"ation report in respect of the shares and assets in order to arri$e at the reser$e price for the sale of any ind"strial "ndertakin# of the company or for the fi)ation of the lease rent or share e)chan#e ratio2 (d an estimate of the reser$e price, lease rent or share e)chan#e ratio2 (e (f proforma acco"nts of the company, where no "p-to-date a"dited acco"nts are a$ailable2 and a list of workmen of the company and their d"es referred to in s"b-section (3 of section 325( n* re+ ,i(it ti!n (Se$ti!n 221)

S$+eme !" re)i) (

(1 'he company administrator shall prepare or ca"se to be prepared a scheme of re$i$al and rehabilitation of the sick company after considerin# the draft scheme filed alon# with the application "nder section 25*( (2 A scheme prepared in relation to any sick company "nder s"b-section (1 pro$ide for any one or more of the followin# meas"res, namely:(a (b (c (d (e (f may

the financial reconstr"ction of the sick company2 the proper mana#ement of the sick company by any chan#e in, or by takin# o$er, the mana#ement of s"ch company2 the amal#amation of< (i the sick company with any other company2 or (ii any other company with the sick company2 takeo$er of the sick company by a sol$ent company2 the sale or lease of a part or whole of any asset or b"siness of the sick company2 the rationalisation of mana#erial personnel, s"per$isory staff and workmen in

(# (h (i

accordance with law2 s"ch other pre$enti$e, ameliorati$e and remedial meas"res as may be appropriate2 repayment or resched"lin# or restr"ct"rin# of the debts or obli#ations of the sick company to any of its creditors or class of creditors2 s"ch incidental, conse4"ential or s"pplemental meas"res as may be necessary or e)pedient in connection with or for the p"rposes of the meas"res specified in cla"ses (a to (h (

S n$ti!n !" #$+eme (Se$ti!n 222) (1 'he scheme prepared by the company administrator "nder section 231 shall be placed before the creditors of the sick company in a meetin# con$ened for their appro$al by the company administrator within the period of si)ty days from his appointment, which may be e)tended by the %C&' "p to a period not e)ceedin# one h"ndred twenty days( 'he company administrator shall con$ene separate meetin#s of sec"red and "nsec"red creditors of the sick company and if the scheme is appro$ed by the "nsec"red creditors representin# one-fo"rth in $al"e of the amo"nt owed by the company to s"ch creditors and the sec"red creditors, representin# three-fo"rths in $al"e of the amo"nt o"tstandin# a#ainst financial assistance disb"rsed by s"ch creditors to the sick company, the company administrator shall s"bmit the scheme before the %C&' for sanctionin# the scheme: 1ro$ided that where the scheme relates to amal#amation of the sick company with any other company, s"ch scheme shall, in addition to the appro$al of the creditors of the sick company "nder this s"b-section, be laid before the #eneral meetin# of both the companies for appro$al by their respecti$e shareholders and no s"ch scheme shall be proceeded with "nless it has been appro$ed, with or witho"t modification, by a special resol"tion passed by the shareholders of that company( (3 (i 'he scheme prepared by the company administrator shall be e)amined by the %C&' and a copy of the scheme with modification, if any, made by the %C&' shall be sent, in draft, to the sick company and the company administrator and in the case of amal#amation, also to any other company concerned, and the %C&' may p"blish or ca"se to be p"blished the draft scheme in brief in s"ch daily newspapers as the %C&' may consider necessary, for s"##estions and ob+ections, if any, within s"ch period as the %C&' may specify( (ii 'he complete draft scheme shall be kept at the place where re#istered office of the company is sit"ated or at s"ch places as mentioned in the ad$ertisement (iii 'he %C&' may make s"ch modifications, if any, in the draft scheme as it may consider necessary in the li#ht of the s"##estions and ob+ections recei$ed from the sick company and the company administrator and also from the transferee company and any other company concerned in the amal#amation and from any shareholder or any creditors or employees of s"ch companies(

(2

(*

9n the receipt of the scheme "nder s"b-section (3 , the %C&' shall within si)ty days therefrom, after satisfyin# that the scheme had been $alidly appro$ed in accordance with this section, pass an order sanctionin# s"ch scheme(

(5 !here a sanctioned scheme pro$ides for the transfer of any property or liability of the sick company to any other company or person or where s"ch scheme pro$ides for the transfer of any property or liability of any other company or person in fa$o"r of the sick company, then, by $irt"e of, and to the e)tent pro$ided in, the scheme, on and from the date of comin# into operation of the sanctioned scheme or any pro$ision thereof, the property shall be transferred to, and $est in, and the liability shall become the liability of, s"ch other company or person or, as the case may be, the sick company( (3 'he %C&' may re$iew any sanctioned scheme and make s"ch modifications, as it may deem fit, or may by order in writin# direct company administrator, to prepare a fresh scheme pro$idin# for s"ch meas"res as the company administrator may consider necessary( (6 'he sanction accorded by the %C&' "nder s"b-section (* shall be concl"si$e e$idence that all the re4"irements of the scheme relatin# to the reconstr"ction or amal#amation or any other meas"re specified therein ha$e been complied with and a copy of the sanctioned scheme certified in writin# by an officer of the %C&' to be a tr"e copy thereof shall in all le#al proceedin#s be admitted as e$idence( (7 A copy of the sanctioned scheme referred to in s"b-section (* shall be filed with the -e#istrar by the sick company within a period of thirty days from the date of receipt of a copy thereof( S$+eme t! ,e ,in*in1 (Se$ti!n 223) 9n and from the date of the comin# into operation of the sanctioned scheme or any pro$ision thereof, the scheme or s"ch pro$ision shall be bindin# on the sick company and the transferee company or, as the case may be, the other company and also on the employees, shareholders, creditors and #"arantors of the said companies( Im'(ement ti!n !" #$+eme ( Se$ti!n 22.) (1 'he %C&' shall, for the p"rpose of effecti$e implementation of the scheme, ha$e power to enforce, modify or terminate any contract or a#reement or any obli#ation p"rs"ant to s"ch a#reement or contract entered into by the company with any other person( (2 'he %C&' may, if it deems necessary or e)pedient so to do, by order in writin#, a"thorise the company administrator appointed "nder section 258 to implement a sanctioned scheme till its s"ccessf"l implementation on s"ch terms and conditions as may be specified in the order and may for that p"rpose re4"ire him to file periodic reports on the implementation of the sanctioned scheme(

(3 !here the whole or s"bstantial assets of the "ndertakin# of the sick company are sold "nder a sanctioned scheme, the sale proceeds shall be applied towards implementation of the scheme in s"ch manner as the %C&' may direct: 1ro$ided that debtors and creditors shall ha$e the power to scr"tinise and make an appeal for re$iew of the $al"e before final order of fi)in# $al"e( (* !here it is diffic"lt to implement the scheme for any reason or the scheme fails d"e to non-implementation of obli#ations "nder the scheme by the parties concerned, the company administrator a"thorised to implement the scheme and where there is no s"ch administrator, the company, the sec"red creditors, or the transferee company in a case of amal#amation, may make an application before the %C&' for modification of the scheme or to declare the scheme as failed and that the company may be wo"nd "p( (5 'he %C&' shall, within thirty days of presentation of an application "nder s"bsection (* , pass an order for modification of the scheme or, as the case may be, declarin# the scheme as failed and pass an order for the windin# "p of the company if three-fo"rths in $al"e of the sec"red creditors consent to the modification of the scheme or windin# "p of the company( (3 !here an application "nder s"b-section (* has been made before the %C&' and s"ch application is pendin# before it, s"ch application shall abate, if the sec"red creditors representin# not less than three-fo"rths in $al"e of the amo"nt o"tstandin# a#ainst financial assistance disb"rsed to the sick company ha$e taken any meas"res to reco$er their sec"red debt "nder s"b-section (* of section 13 of the 0ec"ritisation and -econstr"ction of :inancial Assets and ;nforcement of 0ec"rity /nterest Act, 2002( 8in*in1 0' !" $!m' n7 !n re'!rt !" $!m' n7 *mini#tr t!r ( Se$ti!n 22-)

(1 /f the scheme is not appro$ed by the creditors in the manner specified in s"bsection (2 of section 232, the company administrator shall s"bmit a report to the %C&' within fifteen days and the %C&' shall order for the windin# "p of the sick company( (2 9n the passin# of an order "nder s"b-section (1 , the %C&' shall cond"ct the proceedin#s for windin# "p of the sick company in accordance with the pro$isions of Chapter ==( P!6er !" NCLT t! 222) ##e## * m 1e# 1 in#t *e(in90ent *ire$t!r#: et$ ( Se$ti!n

(1 /f, in the co"rse of the scr"tiny or implementation of any scheme or proposal incl"din# the draft scheme or proposal, it appears to the %C&' that any person who has taken part in the promotion, formation or mana#ement of the sick company or its "ndertakin#, incl"din# any director, mana#er, officer or employee of the sick company who are or ha$e been in employment of s"ch company,< (a has misapplied or retained, or become liable or acco"ntable for, any money or property of the sick company2 or (b has been #"ilty of any misfeasance, malfeasance, non-feasance or breach of tr"st in relation to the sick company, it may, by order, direct him to repay or

restore the money or property, with or witho"t interest, as it thinks +"st, or to contrib"te s"ch s"m to the assets of the sick company or the other person, entitled thereto by way of compensation in respect of the misapplication, retainer, misfeasance, malfeasance, non-feasance or breach of tr"st as the %C&' thinks +"st and proper: 1ro$ided that s"ch direction by the %C&' shall be witho"t pre+"dice to any other le#al action that may be taken a#ainst the person incl"din# any p"nishment for fra"d in the manner as pro$ided in section **6( (2 /f the %C&' is satisfied on the basis of the information and e$idence in its possession with respect to any person who is or was a director or an officer or other employee of the sick company, that s"ch person by himself or alon# with others had di$erted the f"nds or other property of s"ch company for any p"rpose other than the p"rposes of the company or had mana#ed the affairs of the company in a manner hi#hly detrimental to the interests of the company, the %C&' shall, by order, direct the p"blic financial instit"tions, sched"led banks and 0tate le$el instit"tions not to pro$ide, for a ma)im"m period of ten years from the date of the order, any financial assistance to s"ch person or any firm of which s"ch person is a partner or any company or other body corporate of which s"ch person is a director, by whate$er name called, or to dis4"alify the said director, promoter, mana#er from bein# appointed as a director in any company re#istered "nder the Act for a ma)im"m period of si) years( (3 %o order shall be made by the %C&' "nder this section a#ainst any person "nless s"ch person has been #i$en a reasonable opport"nity of bein# heard( P0ni#+ment "!r $ert in !""en$e# ( Se$ti!n 223) !hoe$er $iolates the pro$isions of Chapter or any scheme, or any order, of the %C&' or the Appellate %C&' or makes a false statement or #i$es false e$idence before the %C&' or the Appellate %C&' or attempts to tamper with the records of reference or appeal filed "nder the Act, he shall be p"nishable with imprisonment for a term which may e)tend to se$en years and with fine which may e)tend to ten lakh r"pees( B r !" ;0ri#*i$ti!n (Se$ti!n 224) %o appeal shall lie in any co"rt or other a"thority and no ci$il co"rt shall ha$e any +"risdiction in respect of any matter in respect of which the %C&' or the Appellate %C&' is empowered by or "nder Chapter =/= and no in+"nction shall be #ranted by any co"rt or other a"thority in respect of any action taken or proposed to be taken in p"rs"ance of any power conferred by or "nder Chapter =/=( Re+ ,i(it ti!n n* In#!()en$7 F0n* (Se$ti!n 225)

(1 'here shall be formed a :"nd to be called the Re+ ,i(it ti!n n* In#!()en$7 F0n* for the p"rposes of rehabilitation, re$i$al and li4"idation of the sick companies(

(2 'here shall be credited to the :"nd< (a the #rants made by the Central ,o$ernment for the p"rposes of the :"nd2 (b the amo"nt deposited by the companies as contrib"tion to the :"nd2 (c the amo"nt #i$en to the :"nd from any other so"rce2 and (d the income from in$estment of the amo"nt in the :"nd( (3 A company which has contrib"ted any amo"nt to the :"nd shall, in the e$ent of proceedin#s initiated in respect of s"ch company "nder Chapter =/= or Chapter == of the Companies Act 2013, may make an application to the %C&' for withdrawal of f"nds not e)ceedin# the amo"nt contrib"ted by it, for makin# payments to workmen, protectin# the assets of the company or meetin# the incidental costs d"rin# proceedin#s( (* 'he :"nd shall be mana#ed by an administrator to be appointed by the Central ,o$ernment in s"ch manner as may be prescribed( Tr n#"er !" $ert in 'en*in1 'r!$ee*in1# t! N ti!n ( C!m' n7 L 6 Tri,0n ( (NCLT) (Se$ti!n .3. (*) ) As per 0ection *3* (d of Companies Act, 2013, any appeal preferred to the Appellate A"thority for /nd"strial and :inancial -econstr"ction (AAIFR) or any reference made or in4"iry pendin# to or before the .oard of /nd"strial and :inancial -econstr"ction (BIFR) or any proceedin# of whate$er nat"re pendin# before the Appellate A"thority for /nd"strial and :inancial -econstr"ction (AAIFR) or the .oard for /nd"strial and :inancial -econstr"ction (BIFR) "nder the 0ick /nd"strial Companies (0pecial 1ro$isions Act, 1875, immediately before the commencement of the Act shall stand abated( 'he effecti$e date for implementation of the section is yet to be notified( A company in respect of which s"ch appeal or reference or in4"iry stands abated "nder this cla"se may make a reference to the %ational Company &aw 'rib"nal (%C&' "nder the Act within one h"ndred and ei#hty days from the commencement of the Act, in accordance with the pro$isions of the Act( %o fees shall be payable for makin# s"ch reference "nder the Act by a company whose appeal or reference or in4"iry stands abated as abo$e( >inistry of Corporate Affairs ha$e f"rther clarified that "ntil a date is notified by the Central ,o$ernment "nder s"b-section(1 of 0ection *3* of the Companies Act, 2013 for transfer of all matters, proceedin# or cases to the 'rib"nal constit"ted "nder Chapter ==?// of the said Act, the .oard of the Company &aw Administration shall e)ercise the power of the 'rib"nal "nder sections 2*,57 and 0ection 58 in p"rs"ance of the second pro$iso to s"bsection (1 of section *35 of the said Act(