TaxTMI 
TaxTMI 
TaxTMI 
Power to compromise or make arrangements with creditors and members.
X X X X Extracts X X X X
X X X X Extracts X X X X
....y class of them; the [1][Tribunal] may, on the application of the company or of any creditor or member of the company, or, in the case of a company which is being wound up, of the liquidator, order a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, to be called, held and conducted in such manner as the [2][Tribunal] directs. (2) If a maj....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fied that the company or any other person by whom an application has been made under sub-section (1) has disclosed to the [8][Tribunal], by affidavit or otherwise, all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company, the pendency of any investigation proceedings in relation to the company under....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the company on such terms as the [12][Tribunal] thinks fit, until the application is finally disposed of. [13][(7) * * *] [14][* * *] -------------------------------------------------------------------------------- Notes:- [1] Substituted for "Court" ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....o be notified. [9] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [10] Substituted for "ten rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [11] Substituted for "Court" by the Companies (Second Amendment) Act, 2002. w.e.f. a date yet to be notified. [12] Substituted for "Court" by the Companies (Second Amendment) Act,....