Q. Which among the following committees recommended drastic changes in the present framework in Industrial sickness, The Sick Industrial Companies Act (SICA) and Board for Industrial & Financial Reconstruction (BIFR)?
Answer: Omkar Goswami Committee
Notes: Tiwari Committee was formed in 1981 to propose legislation to address industrial sickness in India. The committee's recommendations led to the passing of the Sick Industrial Companies Act (SICA) in 1985. The SICA established the Board for Industrial and Financial Reconstruction (BIFR) in January 1987. The BIFR is a quasi-judicial body that handles issues such as the revival and rehabilitation of sick companies, winding up of sick companies, and institutional finance for sick companies. The SICA also established the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) in April 1987.