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Start Free TrialCompanies Act, 2013, Section 253
Title: Determination of Sickness
State: Central
Year: 2013
.....no such determination shall be made in respect of an application under sub-section (1) unless the company has been given notice of the application and a reasonable opportunity to reply to the notice within thirty days of the receipt thereof. (8) If the Tribunal is satisfied that a company has become a sick company, the Tribunal shall, after considering all the relevant facts and circumstances of the case, decide, as soon as may be, by an order in writing, whether it is practicable for the company to make the repayment of its debts referred to in sub-section (1) within a reasonable time. (9) If the Tribunal deems fit under sub-section (8) that it is practicable for a sick company to pay its debts referred to in that sub-section within a reasonable time, the Tribunal shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such time to the company as it may deem fit to make repayment of the debt.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Chapter XIX
Title: Revival and Rehabilitation of Sick Companies
State: Central
Year: 2013
Chapter XIX REVIVAL AND REHABILITATION OF SICK COMPANIES
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 262
Title: Sanction of Scheme
State: Central
Year: 2013
.....sub-section (3), the Tribunal shall within sixty days therefrom, after satisfying that the scheme had been validly approved in accordance with this section, pass an order sanctioning such scheme. (5) Where a sanctioned scheme provides for the transfer of any property or liability of the sick company to any other company or person or where such scheme provides for the transfer of any property or liability of any other company or person in favour of the sick company, then, by virtue of, and to the extent provided in, the scheme, on and from the date of coming into operation of the sanctioned scheme or any provision thereof, the property shall be transferred to, and vest in, and the liability shall become the liability of, such other company or person or, as the case may be, the sick company. (6) The Tribunal may review any sanctioned scheme and make such modifications, as it may deem fit, or may by order in writing direct company administrator, to prepare a fresh scheme providing for such measures as the company administrator may consider necessary. (7) The sanction accorded by the Tribunal under sub-section (4) shall be conclusive evidence that all the requirements of the.....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 261
Title: Scheme of Revival and Rehabilitation
State: Central
Year: 2013
.....to be prepared a scheme of revival and rehabilitation of the sick company after considering the draft scheme filed along with the application under section 254. (2) A scheme prepared in relation to any sick company under sub-section (1) may provide for any one or more of the following measures, namely:-- (a) the financial reconstruction of the sick company; (b) the proper management of the sick company by any change in, or by taking over, the management of such company; (c) the amalgamation of-- (i) the sick company with any other company; or (ii) any other company with the sick company; (d) takeover of the sick company by a solvent company; (e) the sale or lease of a part or whole of any asset or business of the sick company; (f) the rationalisation of managerial personnel, supervisory staff and workmen in accordance with law; (g) such other preventive, ameliorative and remedial measures as may be appropriate; (h) repayment or rescheduling or restructuring of the debts or obligations of the sick company to any of its creditors or class of creditors; (i) such incidental, consequential or supplemental measures as may be necessary or expedient in connection.....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 266
Title: Power of Tribunal to Assess Damages Against Delinquent Directors, Etc.
State: Central
Year: 2013
.....to the interests of the company, the Tribunal shall, by order, direct the public financial institutions, scheduled banks and State level institutions not to provide, for a maximum period of ten years from the date of the order, any financial assistance to such person or any firm of which such person is a partner or any company or other body corporate of which such person is a director, by whatever name called, or to disqualify the said director, promoter, manager from being appointed as a director in any company registered under this Act for a maximum period of six years. (3) No order shall be made by the Tribunal under this section against any person unless such person has been given a reasonable opportunity of being heard.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 254
Title: Application for Revival and Rehabilitation
State: Central
Year: 2013
.....value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided further that no reference shall be made under this section if the secured creditors representing three-fourths in value of the amount outstanding against financial assistance disbursed to the borrower have taken measures to recover their secured debt under sub-section (4) of section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002): Provided also that where the financial assets of the sick company had been acquired by any securitisation company or reconstruction company under sub-section (1) of section 5 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), no such application shall be made without the consent of securitisation company or reconstruction company which has acquired such assets. (2) An application under sub-section (1).....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 258
Title: Order of Tribunal
State: Central
Year: 2013
On the date of hearing fixed by the Tribunal and on consideration of the report of the interim administrator filed under sub-section (1) of section 256, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against the sick company present and voting have resolved that-- (a) it is not possible to revive and rehabilitate such company, the Tribunal shall record such opinion and order that the proceedings for the winding up of the company be initiated; or (b) by adopting certain measures the sick company may be revived and rehabilitated, the Tribunal shall appoint a company administrator for the company and cause such administrator to prepare a scheme of revival and rehabilitation of the sick company: Provided that the Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Complete Act
Title: the Companies Act, 2013
State: Central
Year: 2013
.....II - INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO Section 3 - Formation of company Section 4 - Memorandum Section 5 - Articles Section 6 - Act to override memorandum, articles, etc. Section 7 - Incorporation of company Section 8 - Formation of companies with charitable objects, etc. Section 9 - Effect of registration Section 10 - Effect of memorandum and articles Section 11 - Commencement of business, etc. Section 12 - Registered office of company Section 13 - Alteration of memorandum Section 14 - Alteration of articles Section 15 - Alteration of memorandum or articles to be noted in every copy Section 16 - Rectification of name of company Section 17 - Copies of memorandum, articles, etc., to be given to members Section 18 - Conversion of companies already registered Section 19 - Subsidiary company not to hold shares in its holding company Section 20 - Service of documents Section 21 - Authentication of documents, proceedings and contracts Section 22 - Execution of bills of exchange, etc. Chapter III - PROSPECTUS AND ALLOTMENT OF SECURITIES Part I - PUBLIC OFFER Section 23 - Public offer and private placement Section 24 - Power of.....
List Judgments citing this sectionCompanies Act, 2013, Schedule
Title: Schedule V
State: Central
Year: 2013
.....Act, 2002 (15 of 2003); (b) he had not been detained for any period under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974): Provided that where the Central Government has given its approval to the appointment of a person convicted or detained under sub-paragraph (a) or sub-paragraph (b), as the case may be, no further approval of the Central Government shall be necessary for the subsequent appointment of that person if he had not been so convicted or detained subsequent to such approval. (c) he has completed the age of twenty-one years and has not attained the age of seventy years: Provided that where he has attained the age of seventy years; and where his appointment is approved by a special resolution passed by the company in general meeting, no further approval of the Central Government shall be necessary for such appointment; (d) where he is a managerial person in more than one company, he draws remuneration from one or more companies subject to the ceiling provided in section V of Part II; (e) he is resident of India. Explanation I. -- For the purpose of this Schedule, resident in India includes a person.....
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 429
Title: Power to Seek Assistance of Chief Metropolitan Magistrate, Etc.
State: Central
Year: 2013
.....or the District Collector, as the case may be, shall, on such request being made to him,-- (a) take possession of such property, books of account or other documents; and (b) cause the same to be entrusted to the Tribunal or other person authorised by it. (2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary. (3) No act of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector done in pursuance of this section shall be called in question in any court or before any authority on any ground whatsoever.
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