Directions at hearing of the application

Directions at hearing of the application. — Upon hearing the application under sub-section (1) of section 230 of the Act, the Tribunal shall, unless it thinks fit for any reason to dismiss the application, give such directions as it may think necessary in respect of the following matters:-

(a)

determining the class or classes of creditors or of members whose meeting or meetings have to be held for considering the proposed compromise or arrangement; or dispensing with the meeting or meetings for any class or classes of creditors in terms of sub-section (9) of section 230;

(b)

fixing the time and place of the meeting or meetings;

(c)

appointing a Chairperson and scrutinizer for the meeting or meetings to be held, as the case may be and fixing the terms of his appointment including remuneration;

(d)

fixing the quorum and the procedure to be followed at the meeting or meetings, including voting in person or by proxy or by postal ballot or by voting through electronic means;

Explanation

For the purposes of these rules, “voting through electronic means” shall take place, mutatis mutandis, in accordance with the procedure as specified in rule 20 of Companies (Management and Administration) Rules, 2014.

(e)

determining the values of the creditors or the members, or the creditors or members of any class, as the case may be, whose meetings have to be held;

(f)

notice to be given of the meeting or meetings and the advertisement of such notice;

(g)

notice to be given to sectoral regulators or authorities as required under sub-section (5) of section 230;

(h)

the time within which the chairperson of the meeting is required to report the result of the meeting to the Tribunal; and

(i)

such other matters as the Tribunal may deem necessary.