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.

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