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Article analyses section 230 of companies act 2013 which deals with power to compromise or make arrangements with creditors and members.
Section 230 ibc. Preliminary section 1 to 3 part 2. Sanjeev ahuja founder director ensemble resolution professionals private limited an insolvency professional entity says imagine 8 10 months of futile efforts where nobody is actually ready. Insolvency resolution and liquidation for corporate persons chapter i. Enter your login details.
Article analyses section 230 of companies act 2013 which deals with power to compromise or make arrangements with creditors and members. Nclat has held that a plea under section 230 232 of companies act for compromise and arrangement is maintainable during liquidation proceedings under ibc. Preliminary section 4 5 chapter ii. Continue reading sections ibc.
Section 231. Corporate insolvency resolution process section 6 to 32 chapter iii. Applicability of section 29a of ibc to the scheme section 29a of the ibc which was introduced through the insolvency and bankruptcy code amendment act 2017 restricts certain persons from submitting a resolution plan during cirp. Section 230.
Initiation of cirp by corporate applicant under section 10 of the ibc analysis of withdrawal of cirp proceeding pursuant to settlement under section 12a of insolvency and bankruptcy code 2016 ibc topic 2. The board may by general or special order in writing delegate to any member or officer of the board subject to such conditions if any as may be specified in the order such of its powers and functions under this code except the powers under section 240 as it may deem necessary. 2 where a compromise or arrangement is proposed for the purposes of or in connection with scheme for the reconstruction of any company or companies or for the amalgamation of any two or more companies the petition shall pray for appropriate orders and directions under section 230 read with section 232 of the act. 582 e dated 13th june 2017 1 x get free legal updates.
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