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of <h1>Section 343: Powers of Company Liquidator to Compromise, Pay Creditors in Full, and Settle Claims</h1> Section 343 of the Companies Act, 2013 regulates the exercise of certain powers by a Company Liquidator in a winding up by the Tribunal. With Tribunal sanction, the Liquidator may pay any class of creditors in full, enter into compromises or arrangements with creditors or claimants, and compromise calls, debts, liabilities, and related claims, including contingent or unascertained ones, and take security or give full discharge. The Central Government may prescribe circumstances in which the Liquidator can exercise specified compromise powers without Tribunal sanction. Creditors or contributories may apply to the Tribunal challenging any exercise or proposed exercise of these powers, and the Tribunal must hear both sides before issuing appropriate orders.
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