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[Cites 0, Cited by 3] [Section 101(2)] [Section 101] [Entire Act]

Union of India - Subsection

Section 101(2)(c) in The Companies Act, 1956

(c)where a creditor entered on the list whose debt or claim is not discharged or has not determined does not consent to the reduction, the [Tribunal] [Substituted by Act 11 of 2003, Section 14, for " Court" . ] may, if it thinks fit, dispense with the consent of that creditor, on the company securing payment of his debt or claim by appropriating, as the [Tribunal] [Substituted by Act 11 of 2003, Section 14, for " Court" . ] may direct, the following amount:-
(i)if the company admits the full amount of the debt or claim, or, though not admitting it, is willing to provide for it, then, the full amount of the debt or claim;
(ii)if the company does not admit and is not willing to provide for the full amount of the debt or claim, or if the amount is contingent or not ascertained, then, an amount fixed by the [Tribunal] [Substituted by Act 11 of 2003, Section 14, for " Court" . ] after the like inquiry and adjudication as if the company were being wound-up by the [Tribunal] [Substituted by Act 11 of 2003, Section 14, for " Court" . ].