Companies Act, 1990

Order for payment or delivery of property against person examined under section 245 of Principal Act.

127.—The Principal Act is hereby amended by the insertion before section 246 of the following section—

“245A.—If in the course of an examination under section 245 it appears to the court that any person being examined—

(a) is indebted to the company, or

(b) has in his possession or control any money, property or books and papers of the company,

the court may order such person—

(i) to pay to the liquidator the amount of the debt or any part thereof, or

(ii) to pay, deliver, convey, surrender or transfer to the liquidator such money, property or books and papers or any part thereof,

as the case may be, at such time and in such manner and on such terms as the court may direct.”.

Declaration of Solvency