Question

    When a compromise or arrangement is proposed between a

    company and its creditors or its members the Tribunal on an application of _______
    A Company Correct Answer Incorrect Answer
    B Creditor or member Correct Answer Incorrect Answer
    C Liquidator Correct Answer Incorrect Answer
    D Either a or b or c Correct Answer Incorrect Answer
    E Both a & b Correct Answer Incorrect Answer

    Solution

    (1) Where a compromise or arrangement is proposed— (a) between a company  and its creditors or any class of them; or (b) between a company and its members or any class of them, the Tribunal may, on the application of the company or of any creditor or member of the company, or in the case of a company which is being wound up, of the liquidator appointed under this Act or under the Insolvency and Bankruptcy Code, 2016, as the case may be, order a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, to be called, held and conducted in such manner as the Tribunal directs.

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