77: Facility for Sick Industrial Units:

(1) Notwithstanding anything contained in section 34 and section 75, but subject to such conditions as may be deemed fit to be imposed, the State Government may allow the deferment of payment of any existing or future dues payable by an industrial unit under the provisions of this Act or allow payment of such dues in such number of installments as may be specified, if such industrial unit is declared a sick unit in accordance with the guidelines specified in this behalf by an authorized body constituted by the Central Government or the State Government in connection with rehabilitation of sick industrial units and is approved for rehabilitation by an approved agency, appointed by the Central Government or the State Government.

(2) Notwithstanding anything contained in section 31, the State Government may set aside an order of assessment or penalty passed ex party against a sick unit and direct fresh disposal of the case in accordance with law.