In this article you get to know about AAIFR full from and other different abbreviations of AAIFR in various fields. AAIFR full form refers to Appellate Authority for Industrial and
Financial Reconstruction
The Appellate Authority for Industrial and Financial Reconstruction (AAIFR) was an institution in India established to oversee appeals against decisions made by the Board for Industrial and Financial Reconstruction (BIFR). These bodies were created under the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), to address issues related to the revival or closure of sick industrial companies. Below is an overview of the AAIFR:
Purpose and Objectives
The primary role of the AAIFR was to provide an appellate mechanism for companies or stakeholders dissatisfied with the decisions made by the BIFR. Its main objectives were:
Review of BIFR Decisions: To ensure that the decisions taken by the BIFR were fair, justified, and in compliance with the law.
Support Industrial Revival: To facilitate the restructuring or closure of sick industrial units in a manner that balanced the interests of creditors, employees, and other stakeholders.
Ensure Legal Compliance: To uphold the legal framework under SICA and ensure transparency in the process.
Structure
The AAIFR consisted of a chairperson and members who were either serving or retired judges or experienced professionals from fields like law, finance, and industry. The qualifications and appointment of members were governed by SICA.
Functions of the AAIFR
Hearing Appeals: Companies, creditors, or stakeholders could appeal to the AAIFR if they were unhappy with BIFR’s decisions.
Decision Making: The authority had the power to uphold, modify, or overturn BIFR’s decisions.
Guidance: The AAIFR provided legal and procedural clarity on complex matters related to sick companies.
Process of Appeal
Any aggrieved party could file an appeal with the AAIFR within the prescribed time limit (usually 45 days from the date of the BIFR order).
The appeal was examined based on the merits of the case, legal provisions, and evidence presented.
A final order was issued by the AAIFR, which was binding on all parties.
Significance
The AAIFR played a crucial role in India’s efforts to revive struggling industries. By providing a dedicated forum for appeals, it ensured a balanced approach to addressing industrial and financial distress. This helped protect jobs, safeguard investments, and maintain industrial stability.
Abolition of AAIFR
In 2016, the Government of India repealed the Sick Industrial Companies Act as part of its initiative to streamline insolvency and bankruptcy processes. The Insolvency and Bankruptcy Code (IBC), 2016, replaced SICA, and the responsibilities of AAIFR and BIFR were shifted to the National Company Law Tribunal (NCLT). This change aimed to provide a faster and more effective resolution framework for insolvent companies.
Also read https://www.fullformsall.com/bifr-full-form-in-banking/
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CONCLUSION:
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