Amended and updated notes on section 364 of Companies Act 2013. Detail discussion on provisions and rules related to appeal by creditor.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 364 of CA 2013 provides for appeal by creditor.
Recently, we have discussed in detail section 363 (Settlement of claims of creditors by Official Liquidator) of CA 2013. Today, we learn the provisions of section 364 of the Companies Act 2013.
The provisions of section 364 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 364 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XX |
| Chapter Name | Winding Up |
| Section No. | 364 |
| Section Name | Appeal by Creditor |
| Monthly Updated Edition | Company Law PDF |
Section 364 of Companies Act 2013: Appeal by creditor
Section 364 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
(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.
(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.
(3) The Official Liquidator shall make payment to the creditors whose claims have been accepted.
(4) The Central Government may, at any stage during settlement of claims, if considers necessary, refer the matter to the Tribunal for necessary orders.