Winding up on company administrator's report: Tribunal must order winding up when creditors do not approve scheme If creditors do not approve the proposed scheme in the prescribed manner, the company administrator must submit a report to the Tribunal within fifteen days and the Tribunal shall order the winding up of the sick company, after which the Tribunal shall conduct the winding up proceedings in accordance with the statutory winding up framework.
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Provisions expressly mentioned in the judgment/order text.
Winding up on company administrator's report: Tribunal must order winding up when creditors do not approve scheme
If creditors do not approve the proposed scheme in the prescribed manner, the company administrator must submit a report to the Tribunal within fifteen days and the Tribunal shall order the winding up of the sick company, after which the Tribunal shall conduct the winding up proceedings in accordance with the statutory winding up framework.
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