What is Exclusion of certain time in computing period of limitation? What is appointment of interim administrator? Section 255 and 256 of Indian Companies Act 2013

Exclusion of certain time in computing period of limitation and appointment of interim administrator are defined under Section 255 and 256 of Indian Companies Act 2013. Provisions under these Sections are:

Section 255 of Indian Companies Act 2013 "Exclusion of certain time in computing period of limitation"

Notwithstanding anything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a company for which an application has been made to the Tribunal under sub-section (1) of section 253, for a determination to be declared as a sick company or at any stage thereafter, the period during which the stay order as provided under sub-section (3) of section 253, was applicable shall be excluded.

 

 

Section 256 of Indian Companies Act 2013 "Appointment of interim administrator"

(1) On the receipt of an application under section 254, the Tribunal shall, not later than seven days from such receipt, -

(a) fix a date for hearing not later than ninety days from date of its receipt;

(b) appoint an interim administrator to convene a meeting of creditors of the company in accordance with the provisions of section 257 to be held not later than forty-five days from receipt of the order of the Tribunal appointing him to consider whether on the basis of the particulars and documents furnished with the application made under section 254, the draft scheme, if any, filed along with such application or otherwise and any other material available, it is possible to revive and rehabilitate the sick company and such other matters, which the interim administrator may consider necessary for the purpose and to submit his report to the Tribunal within sixty days from the date of the order:

Provided that where no draft scheme is filed by the company and a declaration has been made to that effect by the Board of Directors, the Tribunal may direct the interim administrator to take over the management of the company; and

(c) issue such other directions to the interim administrator as the Tribunal may consider necessary to protect and preserve the assets of the sick company and for its proper management.

(2) Where an interim administrator has been directed to take over the management of the company, the directors and the management of the company shall extend all possible assistance and cooperation to the interim administrator to manage the affairs of the company.

What is Application to Tribunal for relief in cases of oppression, etc? Section 241 of Indian Companies Act 2013

What is Power of Company Law Tribunal? Section 242 of Indian Companies Act 2013? Section 241 of Indian Companies Act 2013

What is Consequence of termination or modification of certain agreements? What is Right to apply under section 241? Section 243 and 244 of Indian Companies Act 2013

What is class action? What is application of certain provisions to proceedings under section 241 or section 245? Section 245 and 246 of Indian Companies Act 2013

What is Valuation by registered valuers? Section 247 of Indian Companies Act 2013

What is Power of Registrar to remove name of company from register of companies? Section 248 of Indian Companies Act 2013

What is Restrictions on making application under section 248 in certain situations? What is Effect of company notified as dissolved? Section 249 and 250 of Indian Companies Act 2013

What is Fraudulent application for removal of name? What is Appeal to Tribunal? Section 251 and 252 of Indian Companies Act 2013

What is determination of sickness? What is application for revival and rehabilitation? Section 253 and 254 of Indian Companies Act 2013

What is Exclusion of certain time in computing period of limitation? What is appointment of interim administrator? Section 255 and 256 of Indian Companies Act 2013

What is Committee of creditors? What is Order of Tribunal? Section 257 and 258 of Indian Companies Act 2013

What is appointment of administrator? What are the Powers and duties of company administrator? Section 259 and 260 of Indian Companies Act 2013

 

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