Secured creditor surrender of security: liquidator may require surrender for payment of creditor's valuation within prescribed period. If a secured creditor votes based on his valuation of security, the liquidator may within twenty-eight days require him to surrender the security for the benefit of creditors on payment of that estimated value, and may apply to the Tribunal to compel surrender; the Tribunal may permit correction of the valuation before surrender upon such terms as to costs as it considers just.
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.
Secured creditor surrender of security: liquidator may require surrender for payment of creditor's valuation within prescribed period.
If a secured creditor votes based on his valuation of security, the liquidator may within twenty-eight days require him to surrender the security for the benefit of creditors on payment of that estimated value, and may apply to the Tribunal to compel surrender; the Tribunal may permit correction of the valuation before surrender upon such terms as to costs as it considers just.
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