Damasa Act, 2063

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Section 53
Adjustment of debt
: (1) If there is any other transaction between the company in Damasahi and the creditor who claims debt on such company, then the debt or such debt claim or transaction shall be adjusted as follows:-
(a) to determine the amount due by one party to the other party,
(b) deducting the amount payable by one party to the other from the amount determined under clause (a),
(c) To maintain the claim of the loan amount to be paid by the company only on the amount that has been reduced as per clause (b).
(2) Notwithstanding anything contained in sub-section (1), when the person who lends money to or borrows money from such company knows or has reasonable cause to know that the company has fallen into bankruptcy, the person who lends money to such company or borrows money from the company, to claim for reduction of the amount due to him from the company. will not get Explanation - For the purposes of this section, "company in liquidation" means a company in a state where a petition for restructuring or liquidation of the company has been filed in the court.
Damasa Act, 2063
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 - 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