TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... 53. (1) Where on a demand by the secured creditors of a company representing fifty per cent or more of its outstanding amount of debt, the company has failed to pay the debt within a period of thirty days of the service of the notice of demand or to secure or compound it to the reasonable satisfaction of the creditors, any secured creditor may file an application to the Tribunal in the prescribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich shall be operative for a period of one hundred and twenty days. (4) The company referred to in sub-section (1) may also file an application to the Tribunal on one or more of the grounds specified in sub-sections (1) and (2) above. (5) Without prejudice to the provisions of sub-sections (1) to (4), the Central Government or the Reserve Bank of India or a State Government or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with respect to such company, an interest in such company. (6) Where an application under sub-section (1) or sub-section (4) has been filed,- (a) the company shall not dispose of or otherwise enter into any obligation with regard to, its properties or assets except as required in the normal course of business; (b) the Board of Directors shall not take ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the repayment of its debts referred to in sub-section (1) within a reasonable time. (9) If the Tribunal deems fit under sub-section (8) that it is practicable for a sick company to pay its debts referred to in that sub-section within a reasonable time, the Tribunal shall, by order in writing and subject to such restrictions or conditions as may be specified in the order, give such time ..... X X X X Extracts X X X X X X X X Extracts X X X X
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