Question
Download Solution PDFBIFR was set up in 1987. The full form of BIFR is:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Board for Industrial and Financial Reconstruction.Key Points:
- The Board for Industrial and Financial Reconstruction is the full name of BIFR.
- It was established under the Sick Industrial Companies Act of 1985 and is a department of the Ministry of Finance's Department of Financial Services.
- Its goal was to revamp and salvage troubled projects and to prevent or end the long-term growth and occurrence of troubled performances.
- Goals of the BIFR:
- A chairperson and two to fourteen other representatives made up the BIFR.
- The requirements for membership were being elected High Court judges or having at least 15 years of professional experience.
Additional Information:
- In the years before independence, industrial illness first appeared in India.
- In the beginning, the Indian government made an effort to stop it by using ad-hock processes that involved nationalising banks to offer temporary support.
- In 1981, the Tiwari Committee was established, and it put out comprehensive legislation to address industrial illness.
- As a result, SICA was established in 1985, and BIFR was established as part of SICA in January 1987.
- In April 1987, the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) was established.
- Government companies were adopted in 1991, with the help of SICA.
- Following that, cases of occupational illness in both public and private organisations were covered.
Last updated on Jul 15, 2025
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