9 Reports by Company Liquidator Under Section 281

(1) Report by Company Liquidator -

(i). The report to be submitted by the Company Liquidator under sub-section (1) of section 281 shall be in Form No. 16 within sixty days from the order. The report shall also contain the viability plan of the business of company or the steps which are necessary for maximizing the value of the assets of the company. The Company Liquidator may make further report or reports, if he thinks fit, according to the provisions of sub-section (4) of section 281.

(ii) The Company Liquidator while making the report in accordance with sub-rule (1), shall state in such report the manner in which the company was promoted or formed and whether in his opinion, any fraud has been committed by any person in the promotion or formation or managing the affairs of the company or by any officer in relation to the company since its formation, and shall set out the names of the persons by whom the fraud, in his opinion, was committed and the facts on which such opinion is based. The report shall set out in a narrative form facts and matters which the Company Liquidator desires to bring to the notice of the Tribunal.

(iii) The Company Liquidator shall, along with the report prepared in accordance with the sub–rule (1), attach a report in Form No. 17 on the viability of the business of the company or the steps which, in his opinion, are necessary for maximizing the value of the assets of the company.

(iv) It shall be the duty of the promoters, directors, officers, employees and the person so authorised, as and when required, to attend on the Company Liquidator and answer all such questions as may be put to them, give all such further information as may be required from them, and provide such assistance as may be required by the Company Liquidator.

(v) The Tribunal shall, within seven days from the receipt of such report, fix a date for the consideration thereof by the Tribunal and notify the date on the notice board/website of the Tribunal. Such date shall also be notified to the Company Liquidator and also the concerned company.

(2) Inspection of statement of affairs and report - In pursuance of sub–section (5) of section 281, every creditor or contributory, by himself, or by his agent, shall be entitled to inspect the statement of affairs submitted under sub–section (5) of section 272 or sub–section (1) of section 274 and the report of the Company Liquidator submitted under rule 18(1), on payment of such fee and to obtain copies thereof or extracts therefrom on payment of fee at such rate, as prescribed in Annexure–B

(3) Report by the Company Liquidator – The Company Liquidator shall pursuant to section 281, place his report before the Tribunal. The Company Liquidator shall provide the Tribunal with the information / explanation required and any further information or explanation with reference to the matters contained therein which the Tribunal may require. On a consideration of the report (s), the Tribunal may pass such order(s) and give such directions as it may think fit including directions under section 282.