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

Committee of creditors and Order of Tribunal are defined under Section 257 and 258 of Indian Companies Act 2013. Provisions under these Sections are:

Section 257 of Indian Companies Act 2013 "Committee of creditors"

(1) The interim administrator shall appoint a committee of creditors with such number of members as he may determine, but not exceeding seven, and as far as possible a representative each of every class of creditors should be represented in that committee.

(2) The holding of the meeting of the committee of creditors and the procedure to be followed at such meetings, including the appointment of its chairperson, shall be decided by the interim administrator.

(3) The interim administrator may direct any promoter, director or any key managerial personnel to attend any meeting of the committee of creditors and to furnish such information as may be considered necessary by the interim administrator.

 

Section 258 of Indian Companies Act 2013 "Order of Tribunal"

On the date of hearing fixed by the Tribunal and on consideration of the report of the interim administrator filed under sub-section (1) of section 256, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against the sick company present and voting have resolved that-

(a) it is not possible to revive and rehabilitate such company, the Tribunal shall record such opinion and order that the proceedings for the winding up of the company be initiated; or

(b) by adopting certain measures the sick company may be revived and rehabilitated, the Tribunal shall appoint a company administrator for the company and cause such administrator to prepare a scheme of revival and rehabilitation of the sick company:

Provided that the Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.

 

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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