Damasa Act, 2063

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Section 22
The court may order
: (1) According to sub-section (1) of section 18, the court may issue any of the following orders within seven days of receiving the report submitted by the investigating officer, the proposal passed by the meeting of creditors or the restructuring program submitted by the company or any other passed proposal:-< br> (a) Immediate winding up of the Company,
(b) implementing the company's restructuring program,
(c) To wait for a period fixed by the court if there is a possibility that the company can be reformed without immediate liquidation,
(d) To extend the period of Damasahi proceedings as prescribed by the court to submit a report after further investigation, or
(e) Canceling the order issued in accordance with sub-section (2) of section 10.
(2) If there is an order to liquidate the company or to implement the restructuring program according to sub-section (1), any businessman related to Damasahi shall be appointed as liquidator of the company or to conduct the restructuring program and order to implement the liquidation or restructuring program of the company and the person so appointed shall be appointed by the court at the time of his appointment. Such work should be completed within the period.
(3) Notwithstanding anything written elsewhere in this section, if a company has fallen into liquidation or has become a condition that cannot be immediately liquidated, in accordance with the agreement between the company and its creditors, or even if a company has fallen into liquidation, the proposal of the restructuring program prepared for its reform, of the creditors called in accordance with paragraph 4 If the investigating officer makes an application for any of the following orders and deems it appropriate to issue such an order, the court may issue such an order:-
(a) to terminate the inquiry into the action of Damasahi before the expiry of that period,
(b) the investigating officer shall not call a meeting of creditors, or
(c) liquidation of the company or restructuring of the company.
(4) If the court deems it expedient to give any order other than what is written in sub-section (1) or (3), it may also give such an order.
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