Part II- 62. Procedure when secured creditor votes without surrendering security

Part II

MEETINGS OF CREDITORS AND CONTRIBUTORIES

62. Procedure when secured creditor votes without surrendering security. -

The liquidator may within fifteen days from the date of the meeting at which a secured creditor voted on the basis of his valuation of the security, require him to give up the security for the benefit of the creditors generally on payment of the value so estimated by him, and may, if necessary, apply to the Tribunal for an order to compel such creditor to give up the security:

Provided that the Tribunal may, for good cause shown, permit the said creditor to correct his valuation before being required to give up the security, upon such terms as to costs as the Tribunal may consider just.