What is Settlement of claims of creditors by Official Liquidator? What is Appeal by creditor? Section 363 and 364 of Indian Companies Act 2013

Settlement of claims of creditors by Official Liquidator and Appeal by creditor are defined under Section 363  and 364 of Indian Companies Act 2013. Provisions under these Sections are:

Section 363 of Indian Companies Act 2013 "Settlement of claims of creditors by Official Liquidator"

 

(1) The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of the receipt of such call.

(2) The Official Liquidator shall prepare a list of claims of creditors in such manner as may be prescribed and each creditor shall be communicated of the claims accepted or rejected along with reasons to be recorded in writing.

Section 364 of Indian Companies Act 2013 "Appeal by creditor"

(1) Any creditor aggrieved by the decision of the Official Liquidator under section 363 may file an appeal before the Central Government within thirty days of such decision.

(2) The Central Government may after calling the report from the Official Liquidator either dismiss the appeal or modify the decision of the Official Liquidator.

(3) The Official Liquidator shall make payment to the creditors whose claims have been accepted.

(4) The Central Government may, at any stage during settlement of claims, if considers necessary, refer the matter to the Tribunal for necessary orders.

What is summary procedure for liquidation? What is sale of assets and recovery of debts due to company? Section 361 and 362 of Indian Companies Act 2013

What is Settlement of claims of creditors by Official Liquidator? What is Appeal by creditor? Section 363 and 364 of Indian Companies Act 2013

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What is Certificate of registration of existing companies? What is Vesting of property on registration? Section 367 and 368 of Indian Companies Act 2013

What is Saving of existing liabilities? What is Continuation of pending legal proceedings? Section 369 and 370 of Indian Companies Act 2013

What is Effect of registration under this Part? What is Power of Court to stay or restrain proceedings? Section 371 and 372 of Indian Companies Act 2013

What is Suits stayed on winding up order? What is Obligations of companies registering under this Part? Section 373 and 374 of Indian Companies Act 2013

What is Winding up of unregistered companies? What is Power to wind up foreign companies, although dissolved? Section 375 and 376 of Indian Companies Act 2013

What is Provisions of Chapter cumulative? What is Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases? Section 377 and 378 of Indian Companies Act 2013

What is Application of Act to foreign companies? What is Documents, etc., to be delivered to Registrar by foreign companies? Section 379 and 380 of Indian Companies Act 2013

 

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