Interim administrator appointment enables convening creditors' meeting and potential management takeover, with reporting obligations to revive company. Appointment of an interim administrator follows an application for corporate revival; the Tribunal must appoint the administrator to convene a creditors' meeting, assess the draft scheme and other materials, report within a prescribed period, and follow directions to protect assets and proper management. If no draft scheme is filed and declared by the board, the Tribunal may direct the interim administrator to take over management, and directors and management must cooperate with the interim administrator.
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.
Interim administrator appointment enables convening creditors' meeting and potential management takeover, with reporting obligations to revive company.
Appointment of an interim administrator follows an application for corporate revival; the Tribunal must appoint the administrator to convene a creditors' meeting, assess the draft scheme and other materials, report within a prescribed period, and follow directions to protect assets and proper management. If no draft scheme is filed and declared by the board, the Tribunal may direct the interim administrator to take over management, and directors and management must cooperate with the interim administrator.
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