What is Arrangement when binding on company and creditors What is Power to apply to Tribunal to have questions determined, etc Section 321 and 322 of Indian Companies Act 2013

Arrangement when binding on company and creditors and Power to apply to Tribunal to have questions determined, etc are defined under Section 321 and 322 of Indian Companies Act 2013. Provisions under this Section is:

Section 321 of Indian Companies Act 2013 "Arrangement when binding on company and creditors"

(1) Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths in value of the total amount due to all the creditors of the company.


 

(2) Any creditor or contributory may, within three weeks from the completion of the arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement.

Section 322 of Indian Companies Act 2013 "Power to apply to Tribunal to have questions determined, etc"

(1) The Company Liquidator or any contributory or creditor may apply to the Tribunal -

(a) to determine any question arising in the course of the winding up of a company; or

(b) to exercise as respects the enforcing of calls, the staying of proceedings or any other matter, all or any of the powers which the Tribunal might exercise if the company were being wound up by the Tribunal.

(2) The Company Liquidator or any creditor or contributory may apply to the Tribunal for an order setting aside any attachment, distress or execution put into force against the estate or effects of the company after the commencement of the winding up.

(3) The Tribunal, if satisfied on an application under sub-section (1) or sub-section (2) that the determination of the question or the required exercise of power or the order applied for will be just and fair, may allow the application on such terms and conditions as it thinks fit or may make such other order on the application as it thinks fit.

(4) A copy of an order staying the proceedings in the winding up, made under this section, shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar, who shall make a minute of the order in his books relating to the company.

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