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

Appointment of administrator and Powers and duties of company administrator are defined under Section 259 and 260 of Indian Companies Act 2013. Provisions under these Sections are:

Section 259 of Indian Companies Act 2013 "Appointment of administrator"

(1) The interim administrator or the company administrator, as the case may be, shall be appointed by the Tribunal from a databank maintained by the Central Government or any institute or agency authorised by the Central Government in a manner as may be prescribed consisting of the names of company secretaries, chartered accountants, cost accountants and such other professionals as may, by notification, be specified by the Central Government.

 

(2) The terms and conditions of the appointment of interim and company administrators shall be such as may be ordered by the Tribunal.

(3) The Tribunal may direct the company administrator to take over the assets or management of the company and for the purpose of assisting him in the management of the company, the company administrator may, with the approval of the Tribunal, engage the services of suitable expert or experts.

Section 260 of Indian Companies Act 2013 "Powers and duties of company administrator"

(1) The company administrator shall perform such functions as the Tribunal may direct.

(2) Without prejudice to the provisions of sub-section (1), the company administrator may cause to be prepared with respect to the company -

(a) a complete inventory of -

(i) all assets and liabilities of whatever nature;

(ii) all books of account, registers, maps, plans, records, documents of title and all other documents of whatever nature;

(b) a list of shareholders and a list of creditors showing separately in the list of creditors, the secured creditors and unsecured creditors;

(c) a valuation report in respect of the shares and assets in order to arrive at the reserve price for the sale of any industrial undertaking of the company or for the fixation of the lease rent or share exchange ratio;

(d) an estimate of the reserve price, lease rent or share exchange ratio;

(e) proforma accounts of the company, where no up-to-date audited accounts are available; and

(f) a list of workmen of the company and their dues referred to in sub-section (3)of section 325.

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

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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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