Section 535(6)(b) in The Companies Act, 1956

[Cites 0, Cited by 0] [Section 535(6)] [Section 535] [Entire Act]

Union of India - Subsection

Section 535(6)(b) in The Companies Act, 1956

(b)if the [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .] thinks fit, subject only to the same liabilities and obligations as if the lease had been assigned to that person at that date, and in either event (if the case so requires) as if the lease had comprised only the property comprised in the vesting order; and any mortgagee or under-lessee declining to accept a vesting order upon such terms shall be excluded from all interest in and security upon the property, and, if there is no person claiming under the company who is willing to accept an order upon such terms, the [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .] shall have power to vest the estate and interest of the company in the property in any person liable, either personally or in a representative character, and either alone or jointly with the company, to perform the lessee's covenants in the lease, freed and discharged from all estates, encumbrances and interests created therein by the company.

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Union of India - Subsection

Section 535(6)(b) in The Companies Act, 1956