What is Advisory committee? What is submission of periodical reports to Tribunal Section 287 and 288 of Indian Companies Act 2013

Advisory committee and Submission of periodical reports to Tribunal are defined under Section 287 and 288 of Indian Companies Act 2013. Provisions under these Sections are:

Section 287 of Indian Companies Act 2013 "Advisory committee"

(1) The Tribunal may, while passing an order of winding up of a company, direct that there shall be, an advisory committee to advise the Company Liquidator and to report to the Tribunal on such matters as the Tribunal may direct.

 

(2) The advisory committee appointed by the Tribunal shall consist of not more than twelve members, being creditors and contributories of the company or such other persons in such proportion as the Tribunal may, keeping in view the circumstances of the company under liquidation, direct.

(3) The Company Liquidator shall convene a meeting of creditors and contributories, as ascertained from the books and documents, of the company within thirty days from the date of order of winding up for enabling the Tribunal to determine the persons who may be members of the advisory committee.

(4) The advisory committee shall have the right to inspect the books of account and other documents, assets and properties of the company under liquidation at a reasonable time.

(5) The provisions relating to the convening of the meetings, the procedure to be followed thereat and other matters relating to conduct of business by the advisory committee shall be such as may be prescribed.

(6) The meeting of advisory committee shall be chaired by the Company Liquidator.

Section 288 of Indian Companies Act 2013 "Submission of periodical reports to Tribunal"

(1) The Company Liquidator shall make periodical reports to the Tribunal and in any case make a report at the end of each quarter with respect to the progress of the winding up of the company in such form and manner as may be prescribed.

(2) The Tribunal may, on an application by the Company Liquidator, review the orders made by it and make such modifications as it thinks fit.

What is Submission of report by Company Liquidator? What is Directions of Tribunal on report of Company Liquidator? Section 281 and 282 of Indian Companies Act 2013

What is Custody of company's properties? Promoters, directors, etc., to cooperate with Company Liquidator. Section 283 and 284 of Indian Companies Act 2013

What is Settlement of list of contributories and application of assets? What is Obligations of directors and managers?. Section 285 and 286 of Indian Companies Act 2013

What is Advisory committee? What is submission of periodical reports to Tribunal Section 287 and 288 of Indian Companies Act 2013

What is Power of Tribunal on application for stay of winding up? What is Powers and duties of Company Liquidator Section 289 and 290 of Indian Companies Act 2013

What is Provision for professional assistance to Company Liquidator? What is Exercise and control of Company Liquidator's powers? Section 291 and 292 of Indian Companies Act 2013

What is Books to be kept by Company Liquidator? What is audit of Company Liquidator's accounts? Section 293 and 294 of Indian Companies Act 2013

What is Payment of debts by contributory and extent of set-off? What is Power of Tribunal to make calls? Section 295 and 296 of Indian Companies Act 2013

What is Adjustment of rights of contributories? What is power to order costs? What is Power to summon persons suspected of having property of company, etc? Section 297, 298 and 299 of Indian Companies Act 2013

What is Power to order examination of promoters, directors, etc? Section 300 of Indian Companies Act 2013

 

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