1. The Tribunal shall, on consideration of the report of the Company Liquidator, fix a time limit within which the entire proceedings shall be completed and the company be dissolved:
Provided that: the Tribunal may, if it is of the opinion, at any stage of the proceedings, or on examination of the reports submitted to it by the Company Liquidator and after hearing the Company Liquidator, creditors or contributories or any other interested person, that it will not be advantageous or economical to continue the proceedings, revise the time limit within which the entire proceedings shall be completed and the company be dissolved.
2. The Tribunal may, on examination of the reports submitted to it by the Company Liquidator and after hearing the Company Liquidator, creditors or contributories or any other interested person, order sale of the company as a going concern or its assets or part thereof:
Provided that: the Tribunal may, where it considers fit, appoint a sale committee comprising such creditors, promoters and officers of the company as the Tribunal may decide to assist the Company Liquidator in sale under this sub-section.
3. Where a report is received from the Company Liquidator or the Central Government or any person that a fraud has been committed in respect of the company, the Tribunal shall, without prejudice to the process of winding up, order for investigation under section 210, and on consideration of the report of such investigation it may pass order and give directions under sections 339 to 342 or direct the Company Liquidator to file a criminal complaint against persons who were involved in the commission of fraud.
4. The Tribunal may order for taking such steps and measures, as may be necessary, to protect, preserve or enhance the value of the assets of the company.
5. The Tribunal may pass such other order or give such other directions as it considers fit.
Legal Commentary & Landmark Judgments: Section 282
Section 282 of the Companies Act, 2013 empowers the Tribunal, upon consideration of the Company Liquidator's report, to fix a binding time limit for the completion of liquidation, order the sale of the company as a going concern, and direct civil or criminal investigations for fraud.
Practitioners representing creditors should file an application under Section 282 immediately after the Section 281 report is placed on record, urging the NCLT to explore a going concern sale rather than piecemeal asset breakup, thereby preserving enterprise value and maximizing recovery dividends.