Section 343 — Company Liquidator to exercise certain powers subject to sanction

3[(1) The Company
Liquidator may, with the sanction of the Tribunal, when the company is being wound up by the Tribunal,—
(i) pay any class of creditors in full;
(ii) make any compromise or arrangement with creditors or persons claiming to be creditors, or
having or alleging themselves to have any claim, present or future, certain or contingent, against the
company, or whereby the company may be rendered liable; or
(iii) compromise any call or liability to call, debt, and liability capable of resulting in a debt, and
any claim, present or future, certain or contingent, ascertained or sounding only in damages, subsisting
or alleged to subsist between the company and a contributory or alleged contributory or other debtor or
person apprehending liability to the company, and all questions in any way relating to or affecting the
assets or liabilities or the winding up of the company, on such terms a s may be agreed, and take any
security for the discharge of any such call, debt, liability or claim, and give a complete discharge in
respect thereof.]
(2) Notwithstanding anything contained in sub-section (1), in the case of a winding up by the Tribunal,
the Central Government may make rules to provide that the Company Liquidator may, under such
circumstances, if any, and subject to such conditions, restrictions and limitations, if any, as may be
prescribed, exercise any of the powers referred to in sub -clause ( ii) or sub -clause ( iii) of clause ( b) of
sub-section (1) without the sanction of the Tribunal.
(3) Any creditor or contributory may apply in the manner prescribed to the Tribunal with respect to any