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

Adjustment of rights of contributories, Power to order costs and Power to summon persons suspected of having property of company, etc are defined under Section 297, 298 and 299 of Indian Companies Act 2013. Provisions under these Sections are:

Section 297 of Indian Companies Act 2013 "Adjustment of rights of contributories"

The Tribunal shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto.

 

Section 298 of Indian Companies Act 2013 "Power to order costs"

The Tribunal may, in the event of the assets of a company being insufficient to satisfy its liabilities, make an order for the payment out of the assets, of the costs, charges and expenses incurred in the winding up, in such order of priority inter se as the Tribunal thinks just and proper.

Section 299 of Indian Companies Act 2013 "Power to summon persons suspected of having property of company, etc"

(1) The Tribunal may, at any time after the appointment of a provisional liquidator or the passing of a winding up order, summon before it any officer of the company or person known or suspected to have in his possession any property or books or papers, of the company, or known or suspected to be indebted to the company, or any person whom the Tribunal thinks to be capable of giving information concerning the promotion, formation, trade, dealings, property, books or papers, or affairs of the company.

(2) The Tribunal may examine any officer or person so summoned on oath concerning the matters aforesaid, either by word of mouth or on written interrogatories or on affidavit and may, in the first case, reduce his answers to writing and require him to sign them.

(3) The Tribunal may require any officer or person so summoned to produce any books and papers relating to the company in his custody or power, but, where he claims any lien on books or papers produced by him, the production shall be without prejudice to such lien, and the Tribunal shall have power to determine all questions relating to that lien.

(4) The Tribunal may direct the liquidator to file before it a report in respect of debt or property of the company in possession of other persons.

(5) If the Tribunal finds that -

(a) a person is indebted to the company, the Tribunal may order him to pay to the provisional liquidator or, as the case may be, the liquidator at such time and in such manner as the Tribunal may consider just, the amount in which he is indebted, or any part thereof, either in full discharge of the whole amount or not, as the Tribunal thinks fit, with or without costs of the examination;

(b) a person is in possession of any property belonging to the company, the Tribunal may order him to deliver to the provisional liquidator or, as the case may be, the liquidator, that property or any part thereof, at such time, in such manner and on such terms as the Tribunal may consider just.

(6) If any officer or person so summoned fails to appear before the Tribunal at the time appointed without a reasonable cause, the Tribunal may impose an appropriate cost.

(7) Every order made under sub-section (5) shall be executed in the same manner as decrees for the payment of money or for the delivery of property under the Code of Civil Procedure, 1908.

(8) Any person making any payment or delivery in pursuance of an order made under sub-section (5) shall by such payment or delivery be, unless otherwise directed by such order, discharged from all liability whatsoever in respect of such debt or property.

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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