Order of Tribunal

On the date of hearing fixed by the Tribunal and on consideration of the report of the interim administrator filed under sub-section

(1)

of section 256, if the Tribunal is satisfied that the creditors representing three-fourths in value of the amount outstanding against the sick company present and voting have resolved that—

(a)

it is not possible to revive and rehabilitate such company, the Tribunal shall record such opinion and order that the proceedings for the winding up of the company be initiated; or

(b)

by adopting certain measures the sick company may be revived and rehabilitated, the Tribunal shall appoint a company administrator for the company and cause such administrator to prepare a scheme of revival and rehabilitation of the sick company:

Proviso

Provided that the Tribunal may, if it thinks fit, appoint an interim administrator as the company administrator.

Notes, amendments & references (1)

Omitted vide The Insolvency and Bankruptcy Code, 2016. To view the notification, Click Here