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Part XII · Winding Up

370. Procedure for setting aside voidable transactions and charges

அதிகாரப்பூர்வ ஆங்கில மொழிபெயர்ப்பு. சிங்கள உரை மேலோங்கும். அதிகாரப்பூர்வ Sinhala உரையைத் திறக்கவும், documents.gov.lk-இல் அதிகாரப்பூர்வ PDF

(1)

A liquidator who wishes to set aside a transaction that is voidable under section 367 or section 369

or a charge that is voidable under section 368 shall—

(a)

file in the court a notice by way of a motion to that effect specifying the transaction or charge to be set aside and, in the case of a transaction, the property or value which the liquidator whishes to recover, and setting out the effect of subsections (2), (3) and (4) of this section ; and

(b)

serve a copy of the notice as filed in court under paragraph (a), on the other party to the transaction or the grantee of the charge and or every other person from whom the liquidator wishes to recover the property or value.

(2)

A person —

(a)

who would be affected by the setting aside of the transaction or charge specified in the notice; and

(b)

who considers that the transaction or charge is not voidable, may apply to the court for an order that the transaction or charge, be not set aside.

(3)

Unless a person on whom the notice was served has applied to the court under subsection (2), the transaction or charge shall be deemed to be set aside on the twentieth working day after the date of service of the notice.

(4)

If one or more persons have applied to the court under subsection (2), the transaction or charge shall be deemed to be set aside on the day on which the last application is finally determined, unless the court orders otherwise.