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
255. Exclusion of certain time in computing period of limitation Notwithstanding anything contained in the Limitation Act, 1963 or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf of a company for which an application has
254. Application for revival and rehabilitation (1) On the determination of a company as a sick company by the Tribunal under section 253, any secured creditor of that company or the company may make an application to the Tribunal for the determination of the measures that may be adopted with respect to the revival and
253. Determination of sickness (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
252. Appeal to Tribunal (1) Any person aggrieved by an order of the Registrar, notifying a company as dissolved under section 248, may file an appeal to the Tribunal within a period of three years from the date of the order of the Registrar and if the Tribunal is of the opinion that the removal