9911796707
TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... a company representing fifty per cent or more of its outstanding amount of debt, the company has failed to pay the debt within a period of thirty days of the service of the notice of demand or to secure or compound it to the reasonable satisfaction of the creditors, any secured creditor may file an application to the Tribunal in the prescribed manner along with the relevant evidence for such defa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) The company referred to in sub-section (1) may also file an application to the Tribunal on one or more of the grounds specified in sub-sections (1) and (2) above. (5) Without prejudice to the provisions of sub-sections (1) to (4), the Central Government or the Reserve Bank of India or a State Government or a public financial institution or a State level institution or a scheduled bank may, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been filed,- (a) the company shall not dispose of or otherwise enter into any obligation with regard to, its properties or assets except as required in the normal course of business; (b) the Board of Directors shall not take any steps likely to prejudice the interests of the creditors. (7) The Tribunal shall, within a period of sixty days of the receipt of an application under sub-secti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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