CHAPTER XV
COMPROMISES, ARRANGEMENT AND AMALGAMATIONS
Application for Order of a Meeting
1 (1) An application along with a Notice of Admission supported by an affidavit in Form No. 15.1 under sub-section (1) of section 230 for an order of a meeting may be moved by a company or any creditor or member of the company, or in the case of a company which is being wound up, of the liquidator, for an order of a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, and such application shall be accompanied by documents mentioned therein.
(2) Upon the hearing of the application or any adjourned hearing thereof, the Registrar of Tribunal shall, unless he thinks fit for any reason to dismiss the application, give such directions as he may think necessary in respect of the following matters:-
(a) determining the class or classes of creditors and/or of members whose meeting or meetings have to be held for considering the proposed compromise or arrangement;
(b) fixing the time and place of such meeting or meetings;
(c) appointing a chairperson(s) for the meeting or meetings to be held, as the case may be;
(d) fixing the quorum and the procedure to be followed at the meeting or meetings, including voting by proxy;
(e) determining the values of the creditors and/or the members, or the creditors or members of any class, as the case may be, whose meetings have to be held;
(f) notice to be given of the meeting or meetings and the advertisement of such notice;
(g) the time within which the chairman of the meeting is to report the result of the meeting to the Tribunal; and
(h) such other matters as the Tribunal may deem necessary.
(3) Where a petition for winding-up of the company or a petition under section 241 of chapter XVI of the Act, is pending, notice of the application shall also be given to the petitioner in such petition. |