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Home Bare Acts Phrase: creditorPresidency-towns Insolvency Act, 1909 Schedule I
Title: Meetings of Creditors
State: Central
Year: 1909
.....Every instrument of proxy shall be in the prescribed form and shall be issued by the official assignee. 18.General proxy.- A creditor may give a general proxy to his attorney or to his manager or clerk, or any other person in his regular employment.In such case the instrument of proxy shall state the relation in which the person to act thereunder stands to the creditor. 19.Proxy to be deposited one day before date of meeting.- A proxy shall not be used unless it is deposited with the official assignee one clear day before the time appointed for the meeting at which it is to be used. 20.Official assignee as proxy.- A creditor may appoint the official assignee to act as his proxy. 21.Adjournment of meeting.- The official assignee may adjourn the meeting from time to time and from place to place, and no notice of the adjournment shall be necessary. 22.Minute of proceedings.- The official assignee shall draw up a minute of the proceeding at the meeting and shall sign the same.
View Complete Act List Judgments citing this sectionCompanies 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.....
View Complete Act List Judgments citing this sectionDebt Relief Act, 1976 Section 5
Title: Creditors to File Statement, Etc.
State: Karnataka
Year: 1976
.....debtor. If the creditor fails so to do, the Sub-Divisional Magistrate1[or the executive Magistrate, as the case may be,] shall himself record the fact of discharge and issue a certificate to that effect to the debtor and also deliver possession of the property to the debtor by using such force as may be necessary. (6) Every order of the Sub- Divisional Magistrate1[or the executive Magistrate, as the case may be,] under this section shall be final. (7) No legal practitioner shall be allowed to appear in the proceedings before the Sub-Divisional Magistrate1[or the executive Magistrate, as the case may be,] under this section. (8) Pending determination of the question under sub-section (2), no creditor shall sell or dispose of the articles pledged. (9) Notwithstanding anything in the proceeding sub-section the Sub- Divisional Magistrate1[or the executive Magistrate, as the case may be,] may, on application made by a debtor or otherwise, enter any premises of the creditor and search and seize articles pledged by debtors and arrange for their safe custody. Thereafter he shall proceed to determine which of the articles so seized, are to be released to the debtors and pass.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 101
Title: Application to Court for Confirming Order, Objections Bycreditors, and Settlement of List of Objecting Creditors
State: Central
Year: 1956
.....if the amount is contingent or not ascertained, then, an amount fixed by the1[Tribunal] after the like inquiry and adjudication as if the company were being wound up by the1[Tribunal] . (3) Where a proposed reduction of share capital involves either the diminution of any liability in respect of unpaid share capital or the payment to any shareholder of any paid-up share capital, the1[Tribunal] may, if, having regard to any special circumstances of the case, it thinks proper so to do, direct that the provisions of sub-section (2) shall not apply as regards any class or any classes of creditors. ________________________ 1. Substituted by Act 11 of 2003, Section 14, for "Court".
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 9
Title: Conditions on Which Creditor May Petition
State: Central
Year: 1920
.....if two or more creditors join in the petition, the aggregate amount of debts owing to such creditors, amounts to five hundred rupees, and (b) the debt is a liquidated sum payable either immediately or at some certain future time, and (c) the act of insolvency on which the petition is grounded has occurred within three months before the presentation of the petition: {Added by Act 3 of 1950, s.6} [Provided that where the said period of three months referred to in clause (c) expires on a day when the Court is closed, the insolvency petition may be presented on the day on which the Court re-opens.] (2) If the petitioning creditor is a secured creditor, he shall in his petition either state that he is willing to relinquish his security for the benefit of the creditors in the event of the debtor being adjudged insolvent, or give an estimate of the value of the security.In the latter case, he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same way as if he were an unsecured creditor.
View Complete Act List Judgments citing this sectionProvincial Insolvency Act, 1920 Section 47
Title: Secured Creditors
State: Central
Year: 1920
.....he assesses it, and shall be entitled to receive a dividend only in respect of the balance due to him after deducting the value so assessed. (4) Where a security is so valued, the Court may at any time before realisation redeem it on payment to the creditor of the assessed value. (5) Where a creditor, after having valued his security, subsequently realises it, the net amount realised shall be substituted for the amount of any valuation previously made by the creditor, and shall be treated in all respects as an amended valuation made by the creditor. (6) Where a secured creditor does not comply with the provisions of this section, he shall be excluded from all share in any dividend.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 12
Title: Conditions on Which Creditor May Petition
State: Central
Year: 1909
.....if two or more creditors join in the petition, the aggregate amount of debts owing to such creditors, amounts to five hundred rupees, and (b) the debt is a liquidated sum payable either immediately or at some certain future time, and (c) the act of insolvency on which the petition is grounded has occurred within three months before the presentation of the petition: {Added by Act 3 of 1950, s.2} [Provided that where the said period of three months referred to in clause (c) expires on a day when the Court is closed, the insolvency petition may be presented on the day on which the Court reopens]. (2) If the petitioning creditor is a secured creditor, he shall in his petition either state that he is willing to relinquish his security for the benefit of the creditors in the event of the debtor being adjudged insolvent or give an estimate of the value of the security.In the latter case he may be admitted as a petitioning creditor to the extent of the balance of the debt due to him after deducting the value so estimated in the same way as if he were an unsecured creditor.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 391
Title: Power to Compromise or Makearrangements with Creditors and Members
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.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 500
Title: Meeting of Creditors
State: Central
Year: 1956
.....after the passing of the resolution for winding up the company. ( 6 ) If default is made- (a) by the company, in complying with sub-sections (1) and (2); (b) by its Board of directors, in complying with sub-section (3); (c) by any director of the company, in complying with sub-section (4), the company, each of the directors, or the director, as the case may be, shall be punishable with fine which may extend to1[ten thousand rupees] and, in the case of default by the company, every officer of the company who is in default, shall be liable to the like punishment. ____________________ 1. Substituted by Act 53 of 2000, Section 199, for "one thousand rupees" (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 393
Title: Information as Tocompromises or Arrangements with Creditors and Members
State: Central
Year: 1956
.....for debenture holders, to supply the necessary particulars as to his material interests. (5) Every director, managing director, 1 [***] or manager of the company, and every trustee for debenture holders of the company, shall give notice to the company of such matters relating to himself as may be necessary for the purposes of this section; and if he fails to do so, he shall be punishable with fine which may extend to 3 [five thousand rupees]. _____________________ 1. The words "managing agent, secretaries and treasurers," omitted by Act 53 of 2000, Section 175 (w.e.f. 13-12-2000). 2. Substituted by Act 53 of 2000, Section 175, for "five thousand rupees" (w.e.f. 13-12-2000). 3. Substituted by Act 53 of 2000, Section 175, for "five hundred rupees" (w.e.f. 13-12-2000).
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