Sec. 2. Definitions.- In this Act, unless the context otherwise requires

^{Sec. 2 (46AA) - Defn. of the term SICK INDUSTRIAL COMPANY}

³²[(46AA) "sick industrial company" means an industrial company which has-

(i) the accumulated losses in any financial year equal to fifty per cent, or more of its average net worth during four years immediately preceding such financial year; or

(ii) failed to repay its debts within any three consecutive quarters on demand made in writing for its repayment by a creditor or creditors of such company; 

32. Ins, by Act 11 of 2003, sec. 2 (w.e.f. 1-4-2003).