Section 343 - Company Liquidator to exercise certain powers subject to sanction

Company liquidator may compromise debts or pay creditors in full subject to tribunal sanction and prescribed rules.

Section 343 authorises the Company Liquidator, when a company is being wound up by the Tribunal, to, with the sanction of the Tribunal, pay any class of creditors in full, make compromises or arrangements with creditors or claimants, and compromise calls, debts, liabilities and claims including securing discharge; the Central Government may prescribe conditions under which certain compromise powers may be exercised without Tribunal sanction, and any creditor or contributory may apply to the Tribunal about the exercise or proposed exercise of these powers, with the Tribunal hearing parties and passing appropriate orders.