Part - 18

Distributable sum and returns of assets in a winding up by a tribunal

240. Declaration of distributable sum or return of assets.

No distributable sum to creditors or return of assets to partners shall be declared by the Liquidator without the sanction of the Tribunal and no payment shall be made to the creditors which would be deemed to be distributable sum without filing list of creditors and sanctioned by the Tribunal as distributable sum and no payment shall be made to the partners without filing final settlement of the list of settlement of partners and sanctioned by the Tribunal.