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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 474 allows setting deadlines for creditors in company liquidation; late claims may miss distributions.</h1> Section 474 of the Companies Act, 1956, grants the Tribunal the authority to set deadlines for creditors to prove their debts or claims during the winding-up process. Creditors who fail to meet these deadlines may be excluded from any distributions made before their claims are verified. This provision ensures an orderly and timely resolution of claims in the liquidation of a company. The term 'Tribunal' replaced 'Court' following the Companies (Second Amendment) Act, 2002, though the effective date for this substitution is yet to be announced.
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