Determination of corporate sickness: secured creditors can seek Tribunal relief and interim stays while rehabilitation is assessed. A statutory scheme allowed secured creditors and designated public authorities to apply to the Tribunal for a declaration that a company is sick and for revival measures; the Tribunal could grant interim stays on winding up, recovery and appoint receivers, and had to determine within a fixed period whether the company was sick and whether repayment or rehabilitation within a reasonable time was practicable, imposing time limits, conditions and restrictions while the company faced constraints on disposal of assets and board actions.
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.
Determination of corporate sickness: secured creditors can seek Tribunal relief and interim stays while rehabilitation is assessed.
A statutory scheme allowed secured creditors and designated public authorities to apply to the Tribunal for a declaration that a company is sick and for revival measures; the Tribunal could grant interim stays on winding up, recovery and appoint receivers, and had to determine within a fixed period whether the company was sick and whether repayment or rehabilitation within a reasonable time was practicable, imposing time limits, conditions and restrictions while the company faced constraints on disposal of assets and board actions.
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