Omitted

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....fied vide Notification No. S.O. 3453(E) dated 15-11-2016) before it was read as, "Determination of sickness 253. (1) Where on a demand by the secured creditors of a company representing fifty per cent or more of its outstanding amount of debt, the company has failed to pay the debt within a period of thirty days of the service of the notice of demand or to secure or com....

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....pany shall lie or be proceeded with. (3) The Tribunal may pass an order in respect of an application under sub-section (2) which shall be operative for a period of one hundred and twenty days. (4) The company referred to in sub-section (1) may also file an application to the Tribunal on one or more of the grounds specified in sub-sections (1) and (2) above. (5) Without p....

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....led bank unless it has, by reason of any financial assistance or obligation rendered by it, or undertaken by it, with respect to such company, an interest in such company. (6) Where an application under sub-section (1) or sub-section (4) has been filed,- (a) the company shall not dispose of or otherwise enter into any obligation with regard to, its properties or assets except as ....