Enforcement of invalid company loans: companies must reclaim or revoke affected loans, guarantees or securities within a limited period. Companies must enforce repayment of loans or revoke guarantees or securities that, at the amendment's commencement, would not have been made under the intervening prohibition; this must be done within a limited statutory period notwithstanding any agreement to the contrary. The statutory period for enforcement or revocation may be extended in specified cases, including by a special resolution of the company for instruments within the retained provision.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Enforcement of invalid company loans: companies must reclaim or revoke affected loans, guarantees or securities within a limited period.
Companies must enforce repayment of loans or revoke guarantees or securities that, at the amendment's commencement, would not have been made under the intervening prohibition; this must be done within a limited statutory period notwithstanding any agreement to the contrary. The statutory period for enforcement or revocation may be extended in specified cases, including by a special resolution of the company for instruments within the retained provision.
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