Cos 292 — Exercise and control of Company Liquidator’s powers

Companies Act, 2013

Statutory text

(1) Subject to the provisions of this
Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof  among  its  creditors,  have  regard  to  any  directions  which  may  be  given  by  the  resolution  of  the creditors or contributories at any general meeting or by the advisory committee.
(2)  Any  directions  given  by  the  creditors  or  contributories  at  any  general  meeting  shall,  in  case  of conflict, be deemed to override any directions given by the advisory committee.
(3) The Company Liquidator—
(a) may summon meetings of the creditors or contributories, whenever he thinks fit, for the purpose of ascertaining their wishes; and (b) shall summon such meetings at such times, as the creditors or contributories, as the case may be, may, by resolution, direct, or whenever requested in writing to do so by not less than one-tenth in value of the creditors or contributories, as the case may be.
(4) Any person aggrieved by any act or decision of the Company Liquidator may apply to the Tribunal, and the Tribunal may confirm, reverse or modify the act or decision complained of and make such further order as it thinks just and proper in the circumstances.

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