265. Winding up of company on report of company administrator (1) If the scheme is not approved by the creditors in the manner specified in sub-section (2) of section 262, the company administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the winding up of the sick
264. Implementation of scheme (1) The Tribunal shall, for the purpose of effective implementation of the scheme, have power to enforce, modify or terminate any contract or agreement or any obligation pursuant to such agreement or contract entered into by the company with any other person. (2) The Tribunal may, if it deems necessary or
263. Scheme to be binding On and from the date of the coming into operation of the sanctioned scheme or any provision thereof, the scheme or such provision shall be binding on the sick company and the transferee company or, as the case may be, the other company and also on the employees, shareholders, creditors
262. Sanction of scheme (1) The scheme prepared by the company administrator under section 261 shall be placed before the creditors of the sick company in a meeting convened for their approval by the company administrator within the period of sixty days from his appointment, which may be extended by the Tribunal up to a
261. Scheme of revival and rehabilitation (1) The company administrator shall prepare or cause to be prepared a scheme of revival and rehabilitation of the sick company after considering the draft scheme filed along with the application under section 254. (2) A scheme prepared in relation to any sick company under sub-section (1) may provide
260. Powers and duties of company administrator (1) The company administrator shall perform such functions as the Tribunal may direct. (2) Without prejudice to the provisions of sub-section (1), the company administrator may cause to be prepared with respect to the company— (a) a complete inventory of— (i) all assets and liabilities of whatever nature;
259. Appointment of administrator (1) The interim administrator or the company administrator, as the case may be, shall be appointed by the Tribunal from a databank maintained by the Central Government or any institute or agency authorised by the Central Government in a manner as may be prescribed consisting of the names of company secretaries,
258. 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
257. Committee of creditors (1) The interim administrator shall appoint a committee of creditors with such number of members as he may determine, but not exceeding seven, and as far as possible a representative each of every class of creditors should be represented in that committee. (2) The holding of the meeting of the committee
256. Appointment of interim administrator (1) On the receipt of an application under section 254, the Tribunal shall, not later than seven days from such receipt,— (a) fix a date for hearing not later than ninety days from date of its receipt; (b) appoint an interim administrator to convene a meeting of creditors of the