Power of Tribunal to enforce compromise or arrangement

(1)

Where the Tribunal makes an order under section 230 sanctioning a compromise or an arrangement in respect of a company, it—

(a)

shall have power to supervise the implementation of the compromise or arrangement; and

(b)

may, at the time of making such order or at any time thereafter, give such directions in regard to any matter or make such modifications in the compromise or arrangement as it may consider necessary for the proper implementation of the compromise or arrangement.

(2)

If the Tribunal is satisfied that the compromise or arrangement sanctioned under section 230 cannot be implemented satisfactorily with or without modifications, and the company is unable to pay its debts as per the scheme, it may make an order for winding up the company and such an order shall be deemed to be an order made under section 273.

(3)

The provisions of this section shall, so far as may be, also apply to a company in respect of which an order has been made before the commencement of this Act sanctioning a compromise or an arrangement.

Notes, amendments & references (3)

For Government Companies, Tribunal is substituted with Central Government vide notification dated 13th June, 2017.

(The exceptions, modifications and adaptations provided above shall be applicable only to those Government Companies which has not committed a default in filing its financial statements under section 137 of the said act or annual return under section 92 of the said act with the registrar)

To view the notification, Click Here