Chapter 20 - Corporate Law Reporter

Section 325 of Companies Act, 2013 – Application of insolvency rules in winding up of insolvent companies

1.[SECTION 325. APPLICATION OF INSOLVENCY RULES IN WINDING UP OF INSOLVENT COMPANIES ***] Omitted by the Insolvency and Bankruptcy Code, 2016 (13 of 2016), s. 255 & eleventh schedule, effective from 15th November 2016 vide Notification No. S.O. 3453(E) Read More

Section 324 of Companies Act, 2013 – Debts of all descriptions to be admitted to proof

SECTION 324. DEBTS OF ALL DESCRIPTIONS TO BE ADMITTED TO PROOF [Effective from 15th December, 2016] In every winding up (subject, in the case of insolvent companies, to the application in accordance with the provisions of this Act or of the law of insolvency), all debts payable on a contingency, and all claims against the… Read More

Section 323 of Companies Act, 2013 – Costs of voluntary winding up

SECTION 323. COSTS OF VOLUNTARY WINDING UP [Yet to be notified] All costs, charges and expenses properly incurred in the winding up, including the fee of the Company Liquidator, shall, subject to the rights of secured creditors, if any, be payable out of the assets of the company in priority to all other claims. Read More

Section 322 of Companies Act, 2013 – Power to apply to Tribunal to have questions determined, etc

SECTION 322. POWER TO APPLY TO TRIBUNAL TO HAVE QUESTIONS DETERMINED, ETC. [Yet to be notified] (1) The Company Liquidator or any contributory or creditor may apply to the Tribunal— (a) to determine any question arising in the course of the winding up of a company; or (b) to exercise as respects the enforcing of… Read More

Section 321 of Companies Act, 2013 – Arrangement when binding on company and creditors

SECTION 321. ARRANGEMENT WHEN BINDING ON COMPANY AND CREDITORS [Yet to be notified] (1) Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on… Read More

Section 330 of Companies Act, 2013 – Certain Transfers to be Void

SECTION 330. CERTAIN TRANSFERS TO BE VOID [Effective from 15th December, 2016] Any transfer or assignment by a company of all its properties or assets to trustees for the benefit of all its creditors shall be void. Read More

Section 320 of Companies Act, 2013 – Distribution of property of company

SECTION 320. DISTRIBUTION OF PROPERTY OF COMPANY [Yet to be notified] Subject to the provisions of this Act as to overriding preferential payments under section 326, the assets of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the articles otherwise… Read More

Section 319 of Companies Act, 2013 – Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company

SECTION 319. POWER OF COMPANY LIQUIDATOR TO ACCEPT SHARES, ETC., AS CONSIDERATION FOR SALE OF PROPERTY OF COMPANY [Yet to be notified] (1) Where a company (the transferor company) is proposed to be, or is in the course of being, wound up voluntarily and the whole or any part of its business or property is… Read More

Section 318 of Companies Act, 2013 – Final meeting and dissolution of company

SECTION 318. FINAL MEETING AND DISSOLUTION OF COMPANY [Yet to be notified] (1) As soon as the affairs of a company are fully wound up, the Company Liquidator shall prepare a report of the winding up showing that the property and assets of the company have been disposed of and its debt fully discharged or… Read More

Section 317 of Companies Act, 2013 – Report of Company Liquidator to Tribunal for examination of persons

SECTION 317. REPORT OF COMPANY LIQUIDATOR TO TRIBUNAL FOR EXAMINATION OF PERSONS [Yet to be notified] (1) Where the Company Liquidator is of the opinion that a fraud has been committed by any person in respect of the company, he shall immediately make a report to the Tribunal and the Tribunal shall, without prejudice to… Read More

Section 316 of Companies Act, 2013 – Company Liquidator to submit report on progress of winding up

SECTION 316. COMPANY LIQUIDATOR TO SUBMIT REPORT ON PROGRESS OF WINDING UP [Yet to be notified] (1) The Company Liquidator shall report quarterly on the progress of winding up of the company in such form and in such manner as may be prescribed to the members and creditors and shall also call a meeting of… Read More

Section 315 of Companies Act, 2013 – Appointment of committees

SECTION 315. APPOINTMENT OF COMMITTEES [Yet to be notified] Where there are no creditors of a company, such company in its general meeting and, where a meeting of creditors is held under section 306, such creditors, as the case may be, may appoint such committees as considered appropriate to supervise the voluntary liquidation and assist… Read More

Section 314 of Companies Act, 2013 – Powers and duties of Company Liquidator in voluntary winding up

SECTION 314. POWERS AND DUTIES OF COMPANY LIQUIDATOR IN VOLUNTARY WINDING UP [Yet to be notified] (1) The Company Liquidator shall perform such functions and discharge such duties as may be determined from time to time by the company or the creditors, as the case may be. (2) The Company Liquidator shall settle the list… Read More