Intimation of appointment of receiver or manager
📚 Law Minded summary
When a receiver or manager is appointed over property that is subject to a charge, the Registrar has to be told within thirty days — by whoever obtained the order or made the appointment.
The same applies when that person stops acting. A receiver taking control of secured assets is something anyone dealing with the company needs to be able to see.
(1) If any person obtains an order for the appointment of a receiver of, or of a person to manage, the property, subject to a charge, of a company or if any person appoints such receiver or person under any power contained in any instrument, he shall, within a period of thirty days from the date of th e passing of the order or of the making of the appointment, give notice of such appointment to the company and the Registrar along with a copy of the order or instrument and the Registrar shall, on payment of the prescribed fees, register particulars of th e receiver, person or instrument in the register of charges.
(2) Any person appointed under sub-section (1) shall, on ceasing to hold such appointment, give to the company and the Registrar a notice to that effect and the Registrar shall register such notice.