Damasa Act, 2063

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Section 24
A meeting of creditors should be called

(1) The restructuring manager appointed by the court in accordance with sub-section (2) of section 22 shall direct all the creditors of the company to submit their respective claims with evidence as per sub-section (2) and (3) of section 21 within fifteen days of the commencement of work. In addition to publishing such notice at least twice in the national level dailies, such notice can also be placed on the website.
(2) Within fifteen days of the issuance of the notice as per sub-section (1), all creditors who have any kind of debt claim against the company, with or without security, shall submit the details of the debt claim to the restructuring manager along with proof of such claim.
(3) Within fifteen days of receiving the details of claims according to sub-section (2), the restructuring manager shall call a meeting of creditors in accordance with sub-sections (2) and (3) of section 21, and upon calling the meeting, a copy of the restructuring program shall be sent with the same notice.
(4) The restructuring manager will preside over the meeting called according to sub-section (3).
(5) The meeting of creditors may be conducted and postponed as per the need. But such a meeting cannot be adjourned beyond the restructuring period without a court order.
(6) The directors of the company may attend the meeting of the creditors and answer the questions raised by the creditors regarding the business and financial position of the company.
(7) In the meeting of creditors called according to sub-section (3), after discussing the details of the restructuring program presented by the restructuring manager, a resolution shall be passed under sub-section (7) of section 21 on any one of the following matters:-
(a) accept the restructuring proposal submitted by the Restructuring Administrator without any amendment or amendment, or
(b) To dissolve the company immediately without accepting the proposal as per Clause (a).
(8) Notwithstanding anything contained in sub-section (7), a secured creditor shall not be entitled to vote (9) The restructuring program passed and approved in accordance with sub-section (7) or the proposal to liquidate the company if it is rejected shall be submitted to the court for approval and if the proposal is approved by the court, it shall be implemented.
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