[Powers under Section 364 delegated to Regional Directors vide Notification S.O. 4090(E) dated 19.12.2016]
Section 364- Appeal by creditor. [New Provision]
(1) Any creditor aggrieved by the decision of the Official Liquidator under section 363 may file an application before the Central Government within thirty days of such decision.
(2) The Central Government may after calling the report from the Official Liquidator either dismiss the application or modify the decision of the Official Liquidator.
(3) The Official Liquidator shall make payment to the creditors whose claims have been accepted.
(4) The Central Government may, at any stage during settlement of claims, if considers necessary, refer the matter to the Tribunal for necessary orders.