Board for Industrial and Financial Reconstruction
Indian government agency
The Board for Industrial and Financial Reconstruction (BIFR) was a development finance institution under the ownership of Ministry of Finance, Government of India, part of the Department of Financial Services of the Ministry of Finance. Set up in January 1987 by the Rajiv Gandhi government, its objective was to determine sickness of industrial companies and to assist in reviving those that may be viable and shutting down the others. On 1 December 2016, the Narendra Modi government dissolved BIFR and referred all proceedings to the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) as per provisions of Insolvency and Bankruptcy Code.
History
The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
The board was set up in January 1987 and became functional as of 15 May 1987.
A new industrial policy was tabled in Parliament on 24 July 1991 aiming to maintain growth in productivity and gainful employment and to encourage the growth of entrepreneurship and upgrades to technology.
That year the SICA was amended to include public sector enterprises in the board's purview.
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act of 2002 placed corporate debt outside the purview of the BIFR.
By preventing reference to the BIFR, which had become a haven for the promoters of sick companies, the Act gives banks and financial institutions a better tool for recovering bad debt.
It was complemented by the corporate debt restructuring package under which lenders and borrowers would meet to agree on a way of recasting stressed debt.
National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) would take over the functions of the BIFR and other bodies and speed up the process of winding down sick companies.
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Contemporary correspondence, administrative files and participant testimony can test how later narratives organized the event or institution. The source revision retrieved here is dated Jul 28, 2026. The linked authority identifier is Q4931296. VIAF identifies the subject as 152568170. Authority coordinates are 28.626, 77.220. 2 of 3 selected statements include explicit references; 0 carry qualifiers and 0 use preferred rank. The first chronological checks are 1987, 2016, 1985 and 1991.
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