PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Secured creditor may be required to surrender security within 15 days on payment of its estimated value. The liquidator may, within fifteen days of a meeting where a secured creditor voted on the basis of his valuation, require surrender of the security for the benefit of creditors on payment of the value estimated by that creditor and may apply to the Tribunal to compel surrender; the Tribunal may permit correction of the valuation for good cause and impose terms as to costs.
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 may be required to surrender security within 15 days on payment of its estimated value.
The liquidator may, within fifteen days of a meeting where a secured creditor voted on the basis of his valuation, require surrender of the security for the benefit of creditors on payment of the value estimated by that creditor and may apply to the Tribunal to compel surrender; the Tribunal may permit correction of the valuation for good cause and impose terms as to costs.
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