Liquidator powers: compromises and payments to creditors permitted subject to tribunal sanction, special resolution, and judicial oversight. Company Liquidator may, with Tribunal sanction in Tribunal windings or with a special resolution and prior Tribunal approval in voluntary windings, pay classes of creditors in full, make compromises or arrangements with creditors or claimants, compromise calls and debts (including contingent or damages-only claims), take security and give discharges; the Central Government may prescribe rules permitting certain compromises without Tribunal sanction in Tribunal windings; creditors or contributories may apply to the Tribunal for review and the Tribunal shall, after giving reasonable opportunity, pass appropriate orders.
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.
Liquidator powers: compromises and payments to creditors permitted subject to tribunal sanction, special resolution, and judicial oversight.
Company Liquidator may, with Tribunal sanction in Tribunal windings or with a special resolution and prior Tribunal approval in voluntary windings, pay classes of creditors in full, make compromises or arrangements with creditors or claimants, compromise calls and debts (including contingent or damages-only claims), take security and give discharges; the Central Government may prescribe rules permitting certain compromises without Tribunal sanction in Tribunal windings; creditors or contributories may apply to the Tribunal for review and the Tribunal shall, after giving reasonable opportunity, pass appropriate orders.
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