CS Professional · Insolvency and Bankruptcy - Law and Practice · Winding-Up by Tribunal
A winding up order was passed against Meghna Plastics Ltd. Its creditor, Sundaram Traders, applies to the Tribunal for leave to continue a suit against the company. Within what time must the Tribunal dispose of this application under the Companies Act, 2013?
The Tribunal must dispose of an application for leave to commence or continue a suit against a company in winding up within sixty days. This time limit is laid down in the proviso to the section on stay of suits on a winding up order.
- AThirty days
- BSixty daysCorrect
- CNinety days
- DOne hundred and eighty days
Explanation
The proviso to the stay-of-suits provision requires any application seeking leave to be disposed of by the Tribunal within sixty days. Thirty and ninety days do not appear in the provision.
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