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Section 7
Company deemed to be in bankruptcy
: (1) Unless otherwise proved, a company shall be deemed to be bankrupt in the following cases:-
(a) If the special resolution of the company is passed by the general meeting of the shareholders or if the meeting of the board of directors of the company so decides,
(b) if there is a court order requiring the company to repay the debt and the debt is not paid in accordance with the order within thirty-five days from the date of receipt of such order, or (c) If the company does not pay the debt within thirty-five days after the creditor submits the notice issued to the company to repay the loan or if the company does not apply to the court to cancel such notice within the same period.
(2) If it is proved by any other thing that the liability of the company is more than the value of the company's assets, or if the company itself admits that the company is in bankruptcy, nothing written in this section shall prevent the establishment of the fact that such company is in bankruptcy.
(a) If the special resolution of the company is passed by the general meeting of the shareholders or if the meeting of the board of directors of the company so decides,
(b) if there is a court order requiring the company to repay the debt and the debt is not paid in accordance with the order within thirty-five days from the date of receipt of such order, or (c) If the company does not pay the debt within thirty-five days after the creditor submits the notice issued to the company to repay the loan or if the company does not apply to the court to cancel such notice within the same period.
(2) If it is proved by any other thing that the liability of the company is more than the value of the company's assets, or if the company itself admits that the company is in bankruptcy, nothing written in this section shall prevent the establishment of the fact that such company is in bankruptcy.