However, documents attached in the PIL before the Nainital High Court state that even after the BIFR
order, the then CM N.
There can be no assurance that BIFR
registration or any other steps being taken by Singer India will permit a successful reorganization of that company.
Only 46 firms moved BIFR
till October, 2009, against 57 cos registered in 2008
after hearing the case for many years ordered closure of the plant in 2002 in the absence of any revival proposal by the then government.
BCCL after coming out of BIFR
has shown improvement both in financial and physical parameters.
In 2001, as an alternative to the BIFR
process, India's central bank allowed companies and their creditors to enter into a debt recast arrangement to help businesses return to financial health.
Sick" SOEs are increasingly being treated in the same fashion as private-sector firms in ill health; as many as 140 central and state-owned companies have been referred to the Board of Industrial and Financial Reconstruction (the BIFR
, India's corporate bankruptcy and restructuring body), with winding up orders given to seven.
SICA (Sick Industrial Companies Act) and BIFR
(Bureau of Industrial and Financial Reconstruction) have failed in achieving these objectives.
In January 2003, the BIFR
recommended that it should be shut down.
The effective tax rate for the year ended December 31, 2013 was exceptionally low because of the recognition of a deferred tax asset in respect of accumulated past losses at Singer India, following that company's emergence from BIFR
in February 2013.
After serving the notice, the Nishank government sent a communication to the company as well as the BIFR
that the permission to sell as well as the waiver granted for the land conversion charges were being withdrawn.
The decrease in the effective tax rate in the year ended December 31, 2013 is due primarily to the recognition of a deferred tax asset in respect of accumulated past losses at Singer India, following that company's emergence from BIFR
in February 2013.