Section 24: To call meeting of creditors

1) The restructuring manager appointed by order of the Court to make restructuring of the company pursuant to sub-section (2) of Section 22 shall give notice, meeting the requirements set forth in sub-sections (2) and (3) of Section 21, to all creditors to submit their respective claims, along with their respective proofs and evidence, no later than 15 days after the manager has commenced the business, and such notice shall be published in a daily newspaper of national circulation for at least two times, and such notice may also be put on the website.

2) All creditors who have any kinds of credit claims against the company shall submit to the restructuring manager statements of credit claims with or without security, along with evidence substantiating such claims no later than fifteen days after the issuance of the notice as referred to in sub-section (1).

3) No later than fifteen days after the receipt of statements of claims pursuant to sub-section (2), the restructuring manager shall call a meeting of creditors by fulfilling the requirements set forth in sub-sections (2) and (3) of Section 21. In calling such a meeting, a copy of the restructuring program shall be sent along with that notice.

4) The restructuring manager shall chair the meeting called pursuant to sub-section (3).

5) The meeting of creditors may be conducted and adjourned as per necessity. Provided that such a meeting shall not be adjourned in a manner that exceeds the period of restructuring.

6) The directors of the company may attend the meeting of creditors and answer the questions raised by the creditors in relation to the business and financial situation of the company.

7) The meeting of creditors called pursuant to sub-section (3) shall discuss the details of the restructuring program presented by the restructuring manager and adopt a resolution on any of the following matters, subject to sub-section (7) of Section 21:

(a) To adopt, with or without amendment, the proposal on restructuring submitted by the restructuring manager or

(b) To immediately liquate the company without accepting the resolution referred to in Clause (a).

¹8) In voting on the proposal pursuant to sub-section (7), the unsecured moneylenders who gave loans to the company without taking a mortgage will be given a separate vote on the basis of the ratio of the loans given by them to the liabilities of the company.

9) The restructuring program adopted and approved pursuant to sub-section (7) or the resolution adopted to reject the program and liquidate the company shall be submitted to the Court for approval, and if the Court issues an order approving that resolution, it shall be implemented.

^{1 Amendments to the Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}