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Section 70
Removeable by court order
: (1) If the restructuring manager or liquidator appointed in accordance with this Act complains that he did not act in accordance with this Act or if his conduct is contrary to this Act, the court may order his removal.
(2) The person concerned shall not be deprived of the opportunity to clean up before giving the order as per sub-section (1).
(2) The person concerned shall not be deprived of the opportunity to clean up before giving the order as per sub-section (1).
Damasa Act, 2063
Preamble - 0
Chapter - 2
Section 3: Damasahi action should not be initiated without court orderSection 4: to file an application for taking action of Damasahi : (1) If an action related to Damasahi has to be taken against a company, any of the following persons can make an application before the court in the prescribed format:-
(a) The company itself in Damasahi
(b) the creditor or creditors who owe at least ten percent of the total creditor of the company in liquidation,
(c) the shareholder or shareholders holding at least five percent of the total shareholders of the company,
(d) The debenture holder or debenture holders holding at least five percent of the total debenture holders of the company,
(e) a liquidator appointed to wind up the company, or
(f) In the case of a company operating a specific type of business mentioned in section 8, the authorized body to administer and regulate such business.
(2) In order to make an application according to sub-section (1), thirty-five days should be completed after the notice issued to pay off the debt according to section 5 has been duly submitted to the concerned company.
(3) When making an application in accordance with sub-section (1), the reasons for making the application, a brief description of the company's financial status and the evidence confirming the company's bankruptcy, the following details should also be filed when making such an application:-
(a) If the company in Damasahi makes such an application by itself:-Section 5: Notice to be given for repayment of debtSection 6: A request can be made to deactivate the notice issued to repay the loanSection 7: Company deemed to be in bankruptcySection 8: Cannot apply for Damasahi actionSection 9: Action to be taken on applicationSection 10: A hearing should be issued and decidedSection 11: Can issue interim ordersSection 12: Petition not to be withdrawn
Chapter - 3
Section 13: Actions related to marriage should be investigatedSection 14: The investigation period of the Damasahi action can be extendedSection 15: Management of the company during the investigation periodSection 16: Director to give reportSection 17: BorrowingSection 18: Report to be submitted by the investigating officerSection 19: automaticallySection 20: Essential services should not be cutSection 21: Meeting of creditors to be convenedSection 22: The court may order
Chapter - 4
Section 23: Restructuring program to be preparedSection 24: A meeting of creditors should be calledSection 25: The restructuring manager must submit a reportSection 26: If the details of the restructuring program cannot be submitted, it should be informedSection 27: Claims against the approved restructuring programSection 28: Consequences if the restructuring program is approved by the court Consequences if the restructuring program is approved by the courtSection 29: The rights of secured creditors will not be affectedSection 30: The rights of the owner of any property or the person leasing the property shall not be affectedSection 31: Restructuring manager to manage the companySection 32: Restructuring manager can borrowSection 33: Extent of cancellation of the company's debtSection 34: Implementation of Restructuring ProgramSection 35: Restructuring program may be modified and changedSection 36: Termination of Restructuring Program
Chapter - 5
Section 37: to be dissolved as the company is ordered to be wound upSection 38: Consequences if the proceedings for liquidation of a company are initiatedSection 39: The liquidation of the company can be converted into a restructuring programSection 40: Functions, Duties and Powers of the LiquidatorSection 41: Creditors can give moneySection 42: The liquidator has to submit a reportSection 43: Meeting of creditors to be convenedSection 44: Committee of Creditors may be constitutedSection 45: Deadline to submit debt claimsSection 46: Court may issue order in relation to winding up of companySection 47: Canceling the registration of the company
Chapter - 6
Section 48: Claims to be submitted by the creditorSection 49: Interest can be claimedSection 50: Claims of liabilities that have not been determined or are yet to be determinedSection 51: Claims that have not maturedSection 52: Foreign Currency ClaimsSection 53: Adjustment of debtSection 54: A secured creditor can claimSection 55: Shareholder's claimSection 56: If the loan is accepted, the creditor will be consideredSection 57: Order of payment of liabilitySection 58: Method of discharge of liability
Chapter - 8
Section 63: Do not conduct business related to marriage without obtaining a licenseSection 64: Apply for a licenseSection 65: Establishment of Damasahi Administration OfficeSection 66: License may be suspended or revokedSection 67: If the position is vacant, the court will fill itSection 68: RemunerationSection 69: A separate account should be establishedSection 70: Removeable by court orderSection 71: to be answered