Creditor

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CA HITESH LUTHRA

CA HITESH LUTHRA (Querist)
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06 November 2009

Plz Provide the defination of Creditor as per section 434(1A)of Companies Act, 1956

CA Anil Kumar Tadaka

CA Anil Kumar Tadaka (Expert)
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06 November 2009
434. Company when deemed unable to pay its debts.â€”(1) A company
shall be deemed to be unable to pay its debtsâ€”
(a) if a creditor, by assignment or otherwise, to whom the company is
indebted in a sum exceeding 1[one lakh rupees] then due, has served on
the company, by causing it to be delivered at its registered office, by
registered post or otherwise, a demand under his hand requiring the
company to pay the sum so due and the company has for three weeks
thereafter neglected to pay the sum, or to secure or compound for it to
the reasonable satisfaction of the creditor;

Ram Avtar Singh

Ram Avtar Singh (Expert)
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06 November 2009 434. (1) A company shall be deemed to be unable to pay its debts--

(a) if a creditor, by assignment or otherwise, to whom the company is indebted in a sum exceeding five hundred rupees then due, has served on the company, by causing it to be delivered at its registered office, by registered post or otherwise, a demand under his hand requiring the company to pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor ;...

CA HITESH LUTHRA

CA HITESH LUTHRA (Querist)
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06 November 2009 whether landlord will also be covered under creditor?

Ram Avtar Singh

Ram Avtar Singh (Expert)
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07 November 2009 subject to nature of transection.

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