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[Cites 0, Cited by 5] [Section 542] [Entire Act]

Union of India - Subsection

Section 542(2) in The Companies Act, 1956

(2)
(a)Where the [Tribunal] [ Substituted by Act 11 of 2003, Section 99, for " Court" .] makes any such declaration, it may give such further directions as it thinks proper for the purpose of giving effect to that declaration.
(b)In particular, the [Tribunal] [ Substituted by Act 11 of 2003, Section 99, for " Court" .] may make provision for making the liability of any such person under the declaration a charge on any debt or obligation due from the company to him, or on any mortgage or charge or any interest in any mortgage or charge on any assets of the company held by or vested in him, or any person on his behalf, or any person claiming as assignee from or through the person liable or any person acting on his behalf.
(c)The [Tribunal] [ Substituted by Act 11 of 2003, Section 99, for " Court" .] may, from time to time, make such further order as may be necessary for the purpose of enforcing any charge imposed under this sub-section.
(d)For the purpose of this sub-section, the expression "assignee" includes any person to whom or in whose favour, by the directions of the person liable, the debt, obligation, mortgage or charge was created, issued or transferred or the interest was created, but does not include an assignee for valuable consideration (not including consideration by way of marriage) given in good faith and without notice of any of the matters on the ground of which the declaration is made.