Chapter 20 - Corporate Law Reporter

Section 365 of Companies Act, 2013 – Order of dissolution of company

SECTION 365. ORDER OF DISSOLUTION OF COMPANY [Effective from 15th December, 2016] (1) The Official Liquidator shall, if he is satisfied that the company is finally wound up, submit a final report to— (i) the [1] [Central Government], in case no reference was made to the Tribunal under sub-section (4) of section 364; and (ii) in… Read More

Section 364 of Companies Act, 2013 – Appeal by creditor

SECTION 364. APPEAL BY CREDITOR [Effective from 15th December, 2016] (1) Any creditor aggrieved by the decision of the Official Liquidator under section 363 may file an appeal before the [1] [Central Government] within thirty days of such decision. (2) The [1] [Central Government] may after calling the report from the Official Liquidator either dismiss the appeal… Read More

Section 363 of Companies Act, 2013 – Settlement of claims of creditors by Official Liquidator

SECTION 363. SETTLEMENT OF CLAIMS OF CREDITORS BY OFFICIAL LIQUIDATOR [Effective from 15th December, 2016] (1) The Official Liquidator within thirty days of his appointment shall call upon the creditors of the company to prove their claims in such manner as may be prescribed, within thirty days of the receipt of such call. (2) The Official… Read More

Section 362 of Companies Act, 2013 – Sale of assets and recovery of debts due to company

SECTION 362. SALE OF ASSETS AND RECOVERY OF DEBTS DUE TO COMPANY [Effective from 15th December, 2016] (1) The Official Liquidator shall expeditiously dispose of all the assets whether movable or immovable within sixty days of his appointment. (2) The Official Liquidator shall serve a notice within thirty days of his appointment calling upon the… Read More

Section 361 of Companies Act, 2013 – Summary procedure for liquidation

SECTION 361. SUMMARY PROCEDURE FOR LIQUIDATION [Effective from 15th December, 2016] (1) Where the company to be wound up under this Chapter,— (i) has assets of book value not exceeding one crore rupees; and (ii) belongs to such class or classes of companies as may be prescribed, the [1] [Central Government] may order it to be… Read More

Section 360 of Companies Act, 2013 – Powers and functions of Official Liquidator

SECTION 360. POWERS AND FUNCTIONS OF OFFICIAL LIQUIDATOR [Effective from 15th December, 2016] (1) The Official Liquidator shall exercise such powers and perform such duties as the Central Government may prescribe. (2) Without prejudice to the provisions of sub-section (1), the Official Liquidator may— (a) exercise all or any of the powers as may be… Read More

Section 359 of Companies Act, 2013 – Appointment of Official Liquidator

SECTION 359. APPOINTMENT OF OFFICIAL LIQUIDATOR [Effective from 15th December, 2016] (1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the… Read More

Section 358 of Companies Act, 2013 – Exclusion of certain time in computing period of limitation

SECTION 358. EXCLUSION OF CERTAIN TIME IN COMPUTING PERIOD OF LIMITATION [Effective from 15th December, 2016] Notwithstanding anything in the Limitation Act, 1963 (36 of 1963), or in any other law for the time being in force, in computing the period of limitation specified for any suit or application in the name and on behalf… Read More

Section 357 of Companies Act, 2013 – Commencement of winding up by Tribunal

SECTION 357. COMMENCEMENT OF WINDING UP BY TRIBUNAL [Effective from 15th December, 2016] [1][The winding up of a company by the Tribunal under this Act shall be deemed to commence at the time of the presentation of the petition for the winding up.] Applicable Rules Companies (Winding Up) Rules, 2020 [Effective from 1st April, 2020]… Read More

Section 356 of Companies Act, 2013 – Powers of Tribunal to declare dissolution of company void

SECTION 356. POWERS OF TRIBUNAL TO DECLARE DISSOLUTION OF COMPANY VOID [Effective from 15th December, 2016] (1) Where a company has been dissolved, whether in pursuance of this Chapter or of section 232 or otherwise, the Tribunal may at any time within two years of the date of the dissolution, on application by the Company… Read More

Section 355 of Companies Act, 2013 – Court, Tribunal or person, etc., before whom affidavit may be sworn

SECTION 355. COURT, TRIBUNAL OR PERSON, ETC., BEFORE WHOM AFFIDAVIT MAY BE SWORN [Effective from 15th December, 2016] (1) Any affidavit required to be sworn under the provisions, or for the purposes, of this Chapter may be sworn— (a) in India before any court, tribunal, judge or person lawfully authorised to take and receive affidavits;… Read More

Section 354 of Companies Act, 2013 – Meetings to ascertain wishes of creditors or contributories

SECTION 354. MEETINGS TO ASCERTAIN WISHES OF CREDITORS OR CONTRIBUTORIES [Effective from 15th December, 2016] (1) In all matters relating to the winding up of a company, the Tribunal may— (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks… Read More

Section 353 of Companies Act, 2013 – Liquidator to make returns, etc.

SECTION 353. LIQUIDATOR TO MAKE RETURNS, ETC. [Effective from 15th December, 2016] (1) If any Company Liquidator who has made any default in filing, delivering or making any return, account or other document, or in giving any notice which he is by law required to file, deliver, make or give, fails to make good the… Read More