Section 364: Appeal by creditor
This section is for allowing creditors to appeal decisions made by the Official Liquidator regarding their claims.
The section, clause by clause
What the section says
In plain terms
(1)Any creditor aggrieved by the decision of the Official Liquidator under section 363 may file an appeal before the Central Government within thirty days of such decision.
A creditor who is unhappy with a decision made by the Official Liquidator can appeal to the Central Government within 30 days of the decision.
(2)The Central Government may after calling the report from the Official Liquidator either dismiss the appeal or modify the decision of the Official Liquidator.
The Central Government will review the appeal, potentially asking for a report from the Official Liquidator, and can either reject the appeal or change the Official Liquidator's decision.
(3)The Official Liquidator shall make payment to the creditors whose claims have been accepted.
The Official Liquidator must pay the creditors who have had their claims approved.
(4)The Central Government may, at any stage during settlement of claims, if considers necessary, refer the matter to the Tribunal for necessary orders.
At any point while settling claims, the Central Government can send the matter to the Tribunal for further instructions if it thinks it's necessary.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Subs. by Act 1 of 2018, s. 75, for “seven or more members” (w.e.f. 15-8-2018).
This section refers to
Referred to by
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.