The jurisdiction of the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985 rests on the twin pillars of ‘industrial character’ and ‘sickness’ of a company making the reference. While much of the judicial deliberation till date has been focussed on aspects concerning the sickness of a company, Indian courts are now being increasingly asked to determine the effect of a sick company’s subsequent loss of industrial character. Through this paper, I critically examine whether the loss of industrial character of a sick company subsequent to the registration of its reference before the Board for Industrial and Financial Reconstruction ousts it from the purview of the Sick Industrial Companies (Special Provisions) Act, 1985 so as to deprive the Board for Industrial and Financial Reconstruction of its jurisdiction over the said company.