Scheme enforcement: Tribunal may enforce or modify revival schemes; secured creditors' consent can prompt modification or winding up. The Tribunal may enforce, modify or terminate contracts and authorise a company administrator to implement a sanctioned revival scheme, requiring periodic reports. Sale proceeds from substantial asset disposals must be applied to scheme implementation under Tribunal direction, with debtors and creditors permitted to scrutinise valuations. If the scheme cannot be implemented or fails, the administrator, company, secured creditors or transferee may apply for modification or declaration of failure and winding up; the Tribunal must decide expeditiously and applications abate if secured creditors take prescribed recovery measures under securitisation law.
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.
Scheme enforcement: Tribunal may enforce or modify revival schemes; secured creditors' consent can prompt modification or winding up.
The Tribunal may enforce, modify or terminate contracts and authorise a company administrator to implement a sanctioned revival scheme, requiring periodic reports. Sale proceeds from substantial asset disposals must be applied to scheme implementation under Tribunal direction, with debtors and creditors permitted to scrutinise valuations. If the scheme cannot be implemented or fails, the administrator, company, secured creditors or transferee may apply for modification or declaration of failure and winding up; the Tribunal must decide expeditiously and applications abate if secured creditors take prescribed recovery measures under securitisation law.
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