Rule 186 - Procedure when secured creditor votes without surrendering security - Limited Liability Partnership (Winding up and Dissolution) Rules, 2010

Procedure when secured creditor votes without surrendering security 186. The liquidator may within twenty-eight days from the date of the meeting at which a secured creditor voted on the basis of his valuation of the security, require him to give up the security for the benefit of the creditors generally on payment of the value so estimated by him, and may, if necessary, apply to the Tribunal for an order to compel such creditor to give up the security : Provided that the Tribunal may, for good cause shown, permit a creditor to correct his valuation before being required to give up the security, upon such terms as to costs as the Tribunal may consider just.