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    Question

    In case of compromise or arrangement is proposed between

    a company and its creditors or any class of them; or between a company and its members or any class of them the ____________ may, on the application of the company or of any creditor or member of the company, order a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be
    A SEBI Correct Answer Incorrect Answer
    B Reserve Bank of India Correct Answer Incorrect Answer
    C Central Government Correct Answer Incorrect Answer
    D National Company Law Tribunal Correct Answer Incorrect Answer
    E National Company Law Appellate Tribunal Correct Answer Incorrect Answer

    Solution

    Section 230. Power to compromise or make arrangements with creditors and members- (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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