Liquidation and dissolution framework tightened with fixed timelines, creditor control over pending proceedings, and asset distribution rules. Section 54 is amended to require the liquidator to complete liquidation and seek dissolution within 180 days, subject to a possible 90-day extension for sufficient reasons. The committee of creditors is to determine how pending proceedings concerning avoidance transactions, fraudulent or wrongful trading, section 47 matters, and related suits or proceedings are to be pursued and how any resulting proceeds are to be distributed. The Adjudicating Authority may order dissolution on receipt of the committee's decision, dispose of any remaining assets in the specified manner, and must pass the dissolution order within 30 days, recording reasons for any delay.
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.
Liquidation and dissolution framework tightened with fixed timelines, creditor control over pending proceedings, and asset distribution rules.
Section 54 is amended to require the liquidator to complete liquidation and seek dissolution within 180 days, subject to a possible 90-day extension for sufficient reasons. The committee of creditors is to determine how pending proceedings concerning avoidance transactions, fraudulent or wrongful trading, section 47 matters, and related suits or proceedings are to be pursued and how any resulting proceeds are to be distributed. The Adjudicating Authority may order dissolution on receipt of the committee's decision, dispose of any remaining assets in the specified manner, and must pass the dissolution order within 30 days, recording reasons for any delay.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
AI OCR ✕
of 
TaxTMI 
TaxTMI 
