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Section 292 of Companies Act, 2013

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Section 292 of Companies Act, 2013 deals with Exercise and control of Company Liquidator's powers.

From the Act

(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.

Recent Cases / Related Cases / Case Laws

Related Sections from the Act

  • Section 290: Powers and duties of Company Liquidator
  • Section 291: Provision for professional assistance to Company Liquidator
  • Section 293: Books to be kept by Company Liquidator
  • Section 294: Audit of Company Liquidator's accounts
  • Section 295: Payment of debts by contributory and extent of set-off.

Chapters and Sections from the Indian Companies Act, 2013

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