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.

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

What is Costs of voluntary winding up? Is Debts of all descriptions to be admitted to proof? Section 323 and 324 of Indian Companies Act 2013

What is Application of insolvency rules in winding up of insolvent companies? What is Overriding preferential payments? Section 325 and 326 of Indian Companies Act 2013

What is Preferential payments? What is Fraudulent preference? Section 327 and 328 of Indian Companies Act 2013

What is Transfers not in good faith to be void? Certain transfers to be void. Section 329 and 330 of Indian Companies Act 2013

What is Liabilities and rights of certain persons fraudulently preferred? What is effect of floating charge? Section 331 and 332 of Indian Companies Act 2013

What is Disclaimer of onerous property? Is Transfers, etc., after commencement of winding up to be void? Section 333 and 334 of Indian Companies Act 2013

What is certain attachments, executions, etc., in winding up by Tribunal to be void? What are Offences by officers of companies in liquidation? Section 335 and 336 of Indian Companies Act 2013

What is Penalty for frauds by officers? What is Liability where proper accounts not kept? Section 337 and 338 of Indian Companies Act 2013

What is Liability for fraudulent conduct of business? What is Power of Tribunal to assess damages against delinquent directors, etc? Section 339 and 340 of Indian Companies Act 2013

 

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