The government of India has elevated JP Dua as the Chairman of Board for Industrial & Financial Reconstruction (BIFR). Previously the post was held by BS Meena, who had resigned in February. The board was unable to function as there is no Chairman to constitute a bench and resume hearings.

Tidbits

• BIFR is the part of the Department of Financial Services of the Ministry of Finance.
• It is a quasi-judicial tribunal constituted to determine sickness of industrial companies and to assist in reviving those.
• Since 1987, around 6030 sick companies have been registered in BIFR to revive their fortune.
• The BIFR was established under The Sick Industrial Companies (Special Provisions) Act, 1985 (SICA).
• The BIFR was intended to bridge the legal gap between sickness and revival.

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