What is Implementation of scheme What is winding up of company on report of company administrator Section 264 and 265 of Indian Companies Act 2013

Implementation of scheme and Winding up of company on report of company administrator are defined under Section 264 and 265 of Indian Companies Act 2013. Provisions under these Sections are:

Section 264 of Indian Companies Act 2013 "Implementation of scheme"

(1) The Tribunal shall, for the purpose of effective implementation of the scheme, have power to enforce, modify or terminate any contract or agreement or any obligation pursuant to such agreement or contract entered into by the company with any other person.

(2) The Tribunal may, if it deems necessary or expedient so to do, by order in writing, authorise the company administrator appointed under section 259 to implement a sanctioned scheme till its successful implementation on such terms and conditions as may be specified in the order and may for that purpose require him to file periodic reports on the implementation of the sanctioned scheme.

(3) Where the whole or substantial assets of the undertaking of the sick company are sold under a sanctioned scheme, the sale proceeds shall be applied towards implementation of the scheme in such manner as the Tribunal may direct:

 

Provided that debtors and creditors shall have the power to scrutinise and make an appeal for review of the value before final order of fixing value.

(4) Where it is difficult to implement the scheme for any reason or the scheme fails due to non-implementation of obligations under the scheme by the parties concerned, the company administrator authorised to implement the scheme and where there is no such administrator, the company, the secured creditors, or the transferee company in a case of amalgamation, may make an application before the Tribunal for modification of the scheme or to declare the scheme as failed and that the company may be wound up.

(5) The Tribunal shall, within thirty days of presentation of an application under sub-section (4), pass an order for modification of the scheme or, as the case may be, declaring the scheme as failed and pass an order for the winding up of the company if three-fourths in value of the secured creditors consent to the modification of the scheme or winding up of the company.

(6) Where an application under sub-section (4) has been made before the Tribunal and such application is pending before it, such application shall abate, if the secured creditors representing not less than three-fourths in value of the amount outstanding against financial assistance disbursed to the sick company have taken any measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

 

What is Scheme of revival and rehabilitation What is sanction of scheme What is the meaning of scheme to be binding Section 261, 262 and 263 of Indian Companies Act 2013

What is Implementation of scheme What is winding up of company on report of company administrator Section 264 and 265 of Indian Companies Act 2013

What is Power of Tribunal to assess damages against delinquent directors, etc What are the Punishment for certain offences Section 266 and 267 of Indian Companies Act 2013

What is Bar of jurisdiction What is Rehabilitation and Insolvency Fund What are the Modes of winding up Section 268, 269 and 270 of Indian Companies Act 2013

What is Circumstances in which company may be wound up by Tribunal What is petition for winding up What are the powers of Tribunal Section 271, 272 and 273 of Indian Companies Act 2013

What is Directions for filing statement of affairs What is Company Liquidators and their appointments Section 274 and 275 of Indian Companies Act 2013

What is Removal and replacement of liquidator What are the rules to give Intimation to Company Liquidator, provisional liquidator and Registrar Section 276 and 277 of Indian Companies Act 2013

What is Effect of winding up order What is stay of suits, etc., on winding up order What is the Jurisdiction of Tribunal Section 278, 279 and 280 of Indian Companies Act 2013

 

 

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