Section 321 of Companies Act 2013 :-
Arrangement when binding on company and creditors.
1. Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths in value of the total amount due to all the creditors of the company.
2. Any creditor or contributory may, within three weeks from the completion of the arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement.
India's Important Case Laws and Landmark Judgments on Companies Act 2013.
Section 321 Companies Act 1956 has been repealed.
Arrangement when binding on company and creditors.
1. Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths in value of the total amount due to all the creditors of the company.
2. Any creditor or contributory may, within three weeks from the completion of the arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement.
India's Important Case Laws and Landmark Judgments on Companies Act 2013.
Section 321 Companies Act 1956 has been repealed.
No comments:
Post a Comment