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of <h1>Section 101: Companies Can Apply to Reduce Share Capital, Creditors May Object, Tribunal May Require Debt Security.</h1> Section 101 of the Companies Act, 1956, outlines the process for a company to apply to the Tribunal to confirm a resolution for reducing share capital. If the reduction involves diminishing liability for unpaid share capital or paying any shareholder, creditors can object. The Tribunal will compile a list of objecting creditors and may require the company to secure payment for debts if creditors do not consent. The Tribunal can waive certain provisions if special circumstances exist, potentially excluding some creditor classes from the process.
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