Section 12
Application Not To Be Withdrawn
Notwithstanding anything contained in the laws in force, an application made to the Court for insolvency
proceedings pursuant to Section 4 cannot be withdrawn except as permitted by the Court.
proceedings pursuant to Section 4 cannot be withdrawn except as permitted by the Court.
Insolvency Act, 2063 (2006)
Chapter - 2
Section 3: Prohibition On Commencing Insolvency Proceedings Without Orderof CourtSection 4: Application To Be Made For Insolvency ProceedingsSection 5: Notice To Be Given For Payment Of DebtSection 6: Application To Void Notice Issued For Payment Of DebtSection 7: Company Deemed To Have Become InsolventSection 8: Application For Insolvency ProceedingsSection 9: Action On ApplicationSection 10: Decision To Be Made Upon Keeping On HearingSection 11: Power To Issue Interim OrderSection 12: Application Not To Be Withdrawn
Chapter - 3
Section 13: To Inquire Into Insolvency ProceedingsSection 14: Power To Extend Period Of Insolvency ProceedingsSection 15: Management Of Company During Inquiry PeriodSection 16: Report To Be Made By DirectorSection 17: Power To Raise LoansSection 18: Report To Be Submitted By Inquiry OfficerSection 19: Ipso Facto SuspensionSection 20: Prohibition On Cutting Down Essential ServicesSection 21: Meeting Of Creditors To Be ConvenedSection 22: Power To Court To Make Order
Chapter - 4
Section 23: Restructuring Program To Be PreparedSection 24: To Call Meeting Of CreditorsSection 25: Report To Be Submitted By Restructuring ManagerSection 26: To Make Information In The Event Of Failure To Submit Details Ofrestructuring ProgramSection 27: Claim And Objection To Approved Restructuring ProgramSection 28: Consequence Of Approval Of Restructuring Program By CourtSection 29: Not To Affect Secured CreditorsSection 30: Not To Affect The Right Of Owner Of Any Property Or Of Any LessorSection 31: Restructuring Manager Is To Operate CompanySection 32: Power Of Restructuring Manager To Borrow LoanSection 33: Ceiling Of Remittance Of Loan Of CompanySection 34: Implementation Of Restructuring ProgramSection 35: Alteration In And Amendment To Restructuring ProgramSection 36: Termination Of Restructuring Program
Chapter - 5
Section 37: Liquidation Of Company On Issuance Of Order For LiquidationSection 38: Consequences On The Commencement Of Liquidation ProceedingsSection 39: Conversion Of Liquidation Of Company Into Restructuring ProgramSection 40: Functions, Duties And Powers Of LiquidatorSection 41: Money To Be Lent By CreditorSection 42: Report To Be Submitted By LiquidatorSection 43: To Call Meeting Of CreditorsSection 44: Power To Form Committee Of CreditorsSection 45: To Give Time Limit For Submission Of Debt ClaimSection 46: Power Of The Court To Make Order In Relation To Liquidation OfcompanySection 47: Cancellation Of Registration Of Company
Chapter - 6
Section 48: Creditors To Submit ClaimsSection 49: Claim For InterestSection 50: Claims On Undetermined Or Contingent LiabilitySection 51: Immature ClaimsSection 52: Claims Involving Foreign ExchangeSection 53: Adjustment Of DebtsSection 54: Right Of Secured Creditor To Make ClaimSection 55: Shareholder’s ClaimSection 56: Deemed To Be Creditor If Debt Is AcceptedSection 57: Order Of Settlement Of LiabilitiesSection 58: Mode Of Settling Liabilities
Chapter - 8
Section 63: Prohibition On Carrying On Insolvency Practice Without LicenseSection 64: Application To Be Made For LicenseSection 65: Establishment Of Insolvency Administration OfficeSection 66: Power To Suspend Or Cancel LicenseSection 67: Vacancies To Be Filled By CourtSection 68: RemunerationSection 69: Separate Account To Be OpenedSection 70: Power To Remove By Order Of CourtSection 71: Reply To Be Made