Sec 256 of the Companies Act 2013
(1) On the receipt of an application under section 254, the
Tribunal shall, not later than seven days from such receipt,—
(a) fix a date for hearing not later than ninety days from
date of its receipt;
(b) appoint an interim administrator to convene a meeting
of creditors of the company in accordance with the provisions of section 257 to
be held not later than forty-five days from receipt of the order of the
Tribunal appointing him to consider whether on the basis of the particulars and
documents furnished with the application made under section 254, the draft
scheme, if any, filed along with such application or otherwise and any other
material available, it is possible to revive and rehabilitate the sick company
and such other matters, which the interim administrator may consider necessary
for the purpose and to submit his report to the Tribunal within sixty days from
the date of the order:
Provided that where no draft scheme is filed by the company and a declaration
has been made to that effect by the Board of Directors, the Tribunal may direct
the interim administrator to take over the management of the company; and
(c) issue such other directions to the interim
administrator as the Tribunal may consider necessary to protect and preserve
the assets of the sick company and for its proper management.
(2) Where an interim administrator has been directed to
take over the management of the company, the directors and the management of
the company shall extend all possible assistance and cooperation to the interim
administrator to manage the affairs of the company.
