Section 230 of CA 2013 : Section 230: Power To Compromise Or Make Arrangements With Creditors And Members

CA 2013

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Explanation using Example

Imagine a company named "Tech Innovations Ltd." is facing financial difficulties and wants to restructure its debt to avoid insolvency. The company proposes a compromise with its creditors to extend the payment period and reduce the interest rates on its outstanding loans. To initiate this process, Tech Innovations Ltd. applies to the National Company Law Tribunal (NCLT) under Section 230 of the Companies Act, 2013.

The NCLT, upon receiving the application, orders a meeting of the creditors. Before the meeting, Tech Innovations Ltd. must provide an affidavit disclosing all material facts about the company, including its financial position and any pending investigations.

Notice of t...

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