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BIFR full form


Board of Industrial Finance and Reconstruction (BIFR) was an organization of the Government of India, which set up in January 1987 by the Rajiv Gandhi government. Its goal was to decide the infection of modern organizations and to help with restoring those that might be reasonable and closing down the others. On 1 December 2016, the Modi government disintegrated BIFR and alluded all procedures to the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) according to arrangements of Insolvency and Bankruptcy Code.

The Board has a Chairman and from two to fourteen different individuals, all to be qualified as High Court judges or else to have no less than fifteen long stretches of significant expert experience. The Board just handles expansive or medium-sized debilitated modern organizations in which vast sums have been sunk. Among different targets, the demonstration was to give an approach to resuscitate wiped out mechanical organizations and discharge open assets. On the off chance that an organization is observed to be wiped out, the BIFR can give the organization a sensible time to recover wellbeing or it can suggest different measures. The BIFR was proposed to connect the legitimate hole amongst ailment and recovery.

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