|Definition||:||Board of Industrial and Financial Reconstruction|
|Category||:||Governmental Departments & Agencies|
What does BIFR mean?
Board for Industrial and Financial Reconstruction (BIFR) is a board setup by the Government of India, in order to tackle the problem of industrial sickness, under the purview of Sick Industrial Companies (Special Provisions) Act,1985 (SICA). It had been established as a quasi-judicial body in the Department of Economic Affairs, Ministry of Finance, for revival and rehabilitation of potentially sick undertakings and for closure/liquidation of non-viable and sick industrial companies. The operating agency prepares a suitable revival package. The revival package may vary from case to case depending on the nature of the problem and may include additional financial assistance.