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Companies Act, 1956 Chapter 5

Title: Arbitrations, Compromises, Arrangements and Reconstructions

State: Central

Year: 1956

.....or any other person by whom an application has been made under sub-section (1) has disclosed to the court, by affidavit or otherwise, all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company, the pendency of any investigation proceedings in relation to the company under sections 235 to 351, and the like.] (3) An order made by the 1[Tribunal] under sub-section (2) shall have no effect until a certified copy of the order has been filed with the Registrar. (4) A copy of every such order shall be annexed to every copy of the memorandum of the company issued after the certified copy of the order has been filed as aforesaid, or in the case of a company not having a memorandum, to every copy so issued of the instrument constituting or defining the constitution of the company. (5) If default is made in complying with sub-section (4), the company, and every officer of the company who is in default, shall be punishable with fine which may extend to 4 [one hundred rupees] for each copy in respect of which default is made. (6) The 1[Tribunal] may, at any time after an application has.....

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Companies Act, 2013, Section 230

Title: Power to Compromise or Make Arrangements with Creditors and Members

State: Central

Year: 2013

.....company or any other person, by whom an application is made under subsection (1), shall disclose to the Tribunal by affidavit-- (a) all material facts relating to the company, such as the latest financial position of the company, the latest auditor's report on the accounts of the company and the pendency of any investigation or proceedings against the company; (b) reduction of share capital of the company, if any, included in the compromise or arrangement; (c) any scheme of corporate debt restructuring consented to by not less than seventy-five per cent. of the secured creditors in value, including-- (i) a creditor's responsibility statement in the prescribed form; (ii) safeguards for the protection of other secured and unsecured creditors; (iii) report by the auditor that the fund requirements of the company after the corporate debt restructuring as approved shall conform to the liquidity test based upon the estimates provided to them by the Board; (iv) where the company proposes to adopt the corporate debt restructuring guidelines specified by the Reserve Bank of India, a statement to that effect; and (v) a valuation report in respect of the shares and the.....

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Limited Liability Partnership Act 2008 Chapter XII

Title: Compromise, Arrangement or Reconstruction of Limited Liability Partnerships

State: Central

Year: 2008

.....any other person by whom an application has been made under sub-section (1) has disclosed to the Tribunal, by affidavit or otherwise, all material facts relating to the limited liability partnership, including the latest financial position of the limited liability partnership and the pendency of any investigation proceedings in relation to the limited liability partnership. (3) An order made by the Tribunal under sub-section (2) shall be filed by the limited liability partnership with the Registrar within thirty days after making such an order and shall have effect only after it is so filed. (4) If default is made in complying with sub-section (3), the limited liability partnership, and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one lakh rupees. (5) The Tribunal may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the limited liability partnership on such terms as the Tribunal thinks fit, until the application is finally disposed of. Section 61 - Power of Tribunal to enforce compromise or arrangement (1).....

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Companies Act, 1956 Section 392

Title: Power Oftribunal to Enforce Compromise and Arrangement

State: Central

Year: 1956

.....such order or at any time thereafter, give such directions in regard to any matter or make such modifications in the compromise or arrangement as it may consider necessary for the proper working of the compromise or arrangement. (2) If the Tribunal aforesaid is satisfied that a compromise or an arrangement sanctioned under section 391 cannot be worked satisfactorily with or without modifications, it may, either on its own motion or on the application of any person interested in the affairs of the company, make an order winding up the company, and such an order shall be deemed to be an order made under section 433 of this Act. (3) The provisions of this section shall, so far as may be, also apply to a company in respect of which an order has been made before the commencement of the Companies (Amendment) Act, 2001 sanctioning a compromise or an arrangement.] _______________________ 1. Substituted by Act 11 of 2003, section 40, for section 392 (See Annexe).

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Companies Act, 2013, Section 231

Title: Power of Tribunal to Enforce Compromise or Arrangement

State: Central

Year: 2013

(1) Where the Tribunal makes an order under section 230 sanctioning a compromise or an arrangement in respect of a company, it-- (a) shall have power to supervise the implementation of the compromise or arrangement; and (b) may, at the time of making such order or at any time thereafter, give such directions in regard to any matter or make such modifications in the compromise or arrangement as it may consider necessary for the proper implementation of the compromise or arrangement. (2) If the Tribunal is satisfied that the compromise or arrangement sanctioned under section 230 cannot be implemented satisfactorily with or without modifications, and the company is unable to pay its debts as per the scheme, it may make an order for winding up the company and such an order shall be deemed to be an order made under section 273. (3) The provisions of this section shall, so far as may be, also apply to a company in respect of which an order has been made before the commencement of this Act sanctioning a compromise or an arrangement.

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Limited Liability Partnership Act 2008 Section 61

Title: Power of Tribunal to Enforce Compromise or Arrangement

State: Central

Year: 2008

(1) Where the Tribunal makes an order under section 60 sanctioning a compromise or an arrangement in respect of a limited liability partnership, it-- (a) shall have power to supervise the carrying out of the compromise or an arrangement; and (b) may, at the time of making such order or at any time thereafter, give such directions in regard to any matter or make such modifications in the compromise or arrangement as it may consider necessary for the proper working of the compromise or arrangement. (2) If the Tribunal aforesaid is satisfied that a compromise or an arrangement sanctioned under section 60 cannot be worked satisfactorily with or without modifications, it may, either on its own motion or on the application of any person interested in the affairs of the limited liability partnership, make an order for winding up the limited liability partnership, and such an order shall be deemed to be an order made under section 64 of this Act.

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Companies Act, 1956 Section 391

Title: Power to Compromise or Makearrangements with Creditors and Members

State: Central

Year: 1956

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Limited Liability Partnership Act 2008 Section 60

Title: Compromise or Arrangement of Limited Liability Partnership

State: Central

Year: 2008

.....the limited liability partnership or any other person by whom an application has been made under sub-section (1) has disclosed to the Tribunal, by affidavit or otherwise, all material facts relating to the limited liability partnership, including the latest financial position of the limited liability partnership and the pendency of any investigation proceedings in relation to the limited liability partnership. (3) An order made by the Tribunal under sub-section (2) shall be filed by the limited liability partnership with the Registrar within thirty days after making such an order and shall have effect only after it is so filed. (4) If default is made in complying with sub-section (3), the limited liability partnership, and every designated partner of the limited liability partnership shall be punishable with fine which may extend to one lakh rupees. (5) The Tribunal may, at any time after an application has been made to it under this section, stay the commencement or continuation of any suit or proceeding against the limited liability partnership on such terms as the Tribunal thinks fit, until the application is finally disposed of.

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Displaced Persons (Debts Adjustment) Act, 1951 Section 51

Title: Compromises or Arrangements Between Banks and their Debtors Not to Be Reopened in Certain Cases

State: Central

Year: 1951

Notwithstanding anything contained in this Act, no compromise or arrangement arrived at, whether before or after the commencement of this Act, between a displaced debtor and a bank relating to the repayment, discharge or satisfaction of any debt owing by the displaced debtor to the bank shall be reopened by the Tribunal, and nothing contained in this Act shall affect any such compromise or arrangement: Provided that there is in force in respect of the bank compromise or arrangement between it and its own creditors or any class of such creditors which has been duly sanctioned by the court under section 153 of the Indian Companies Act, 1913 (VII of 1913): and Provided further that the particulars specified in clause (c), (cc), (Ccc), (I) (q), and (S) of the proviso to sub-section (1) of section 60 of the Code of Civil Procedure, 1908 (Act V of 1908), as amended by section 31 of this Act, shall not be liable to attachment or sale in any proceeding against the displaced debtor.

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Banking Regulation Act, 1949 Section 44B

Title: Restriction on Compromise or Arrangement Between Banking Company and Creditors

State: Central

Year: 1949

.....of its directorsand when such direction is given, the Reserve Bank shall make such inquiry andsubmit its report to the High Court.] ______________________ 1. Substituted byAct 20 of 1950, Section 9, for section 45 (now renumbered as section 44B). 2. Section 45renumbered as section 44B by Act 37 of 1960, Section 6. 3. Section 45 (nowrenumbered as section 44B) renumbered as sub-section (1) of that section by Act52 of 1953, Section 9. 4. Substituted byAct 52 of 1953, Section 4, for "Court". 5. Substituted byAct 55 of 1963, Section 20, for "unless the compromise or arrangement" w.e.f.1-2-1964. 6. Substituted byAct 52 of 1953, Section 9, for "as not being detrimental to the interests ofthe depositors of such company." 7. Inserted by Act52 of 1953, Section 9. 8. Substituted byAct 95 of 1956, Section 14 and Schedule, for "section 153 of the IndianCompanies Act, 1913 (7 of 1913) "w..e.f. 14-1-1957.

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