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)
Payment to heirs of deceased creditors permitted with family member certificate, subject to tribunal sanction and indemnity and affidavit. The Company Liquidator may apply to the Tribunal to sanction payment to claimants entitled to dividends or return of capital from a deceased creditor or contributory in lieu of a succession certificate upon production of a Family Member Certificate issued by the competent State or Union Territory authority; when sanctioned, payment is made only after obtaining a personal indemnity and a duly stamped affidavit from the payee.
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.
Payment to heirs of deceased creditors permitted with family member certificate, subject to tribunal sanction and indemnity and affidavit.
The Company Liquidator may apply to the Tribunal to sanction payment to claimants entitled to dividends or return of capital from a deceased creditor or contributory in lieu of a succession certificate upon production of a Family Member Certificate issued by the competent State or Union Territory authority; when sanctioned, payment is made only after obtaining a personal indemnity and a duly stamped affidavit from the payee.
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