Chapter 20 - Corporate Law Reporter

Section 300 of Companies Act, 2013 – Power to order examination of promoters, directors, etc

SECTION 300. POWER TO ORDER EXAMINATION OF PROMOTERS, DIRECTORS, ETC. [Effective from 15th December, 2016] (1) Where an order has been made for the winding up of a company by the Tribunal, and the Company Liquidator has made a report to the Tribunal under this Act, stating that in his opinion a fraud has been… Read More

Section 299 of Companies Act, 2013 – Power to summon persons suspected of having property of company, etc.

SECTION 299. POWER TO SUMMON PERSONS SUSPECTED OF HAVING PROPERTY OF COMPANY, ETC. [Effective from 15th December, 2016] (1) The Tribunal may, at any time after the appointment of a provisional liquidator or the passing of a winding up order, summon before it any officer of the company or person known or suspected to have… Read More

Section 298 of Companies Act, 2013 – Power to order costs

SECTION 298. POWER TO ORDER COSTS [Effective from 15th December, 2016] The Tribunal may, in the event of the assets of a company being insufficient to satisfy its liabilities, make an order for the payment out of the assets, of the costs, charges and expenses incurred in the winding up, in such order of priority… Read More

Section 297 of Companies Act, 2013 – Adjustment of rights of contributories

SECTION 297. ADJUSTMENT OF RIGHTS OF CONTRIBUTORIES [Effective from 15th December, 2016] The Tribunal shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto. Read More

Section 296 of Companies Act, 2013 – Power of Tribunal to make calls

SECTION 296. POWER OF TRIBUNAL TO MAKE CALLS [Effective from 15th December, 2016] The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,— (a) make calls on all or any of the contributories for the… Read More

Section 295 of Companies Act, 2013 – Payment of debts by contributory and extent of set-off

SECTION 295. PAYMENT OF DEBTS BY CONTRIBUTORY AND EXTENT OF SET-OFF [Effective from 15th December, 2016] (1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any… Read More

Section 294 of Companies Act, 2013 – Audit of Company Liquidator’s accounts

SECTION 294. AUDIT OF COMPANY LIQUIDATOR'S ACCOUNTS [Effective from 15th December, 2016] (1) The Company Liquidator shall maintain proper and regular books of account including accounts of receipts and payments made by him in such form and manner as may be prescribed. (2) The Company Liquidator shall, at such times as may be prescribed but… Read More

Section 291 of Companies Act, 2013 – Provision for professional assistance to Company Liquidator

SECTION 291. PROVISION FOR PROFESSIONAL ASSISTANCE TO COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) The Company Liquidator may, with the sanction of the Tribunal, appoint one or more chartered accountants or company secretaries or cost accountants or legal practitioners or such other professionals on such terms and conditions, as may be necessary, to assist… Read More

Section 290 of Companies Act, 2013 – Powers and duties of Company Liquidator

SECTION 290. POWERS AND DUTIES OF COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power— (a) to carry on the business of the company so far as may… Read More

Section 289 of Companies Act, 2013 – Power of Tribunal on application for stay of winding up

1.[SECTION 289. POWER OF TRIBUNAL ON APPLICATION FOR STAY OF WINDING UP***] 1.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 288 of Companies Act, 2013 – Submission of periodical reports to Tribunal

SECTION 288. SUBMISSION OF PERIODICAL REPORTS TO TRIBUNAL [Effective from 15th December, 2016] (1) The Company Liquidator shall make periodical reports to the Tribunal and in any case make a report at the end of each quarter with respect to the progress of the winding up of the company in such form and manner as… Read More

Section 287 of Companies Act, 2013 – Advisory Committee

SECTION 287. ADVISORY COMMITTEE [Effective from 15th December, 2016] (1) The Tribunal may, while passing an order of winding up of a company, direct that there shall be, an advisory committee to advise the Company Liquidator and to report to the Tribunal on such matters as the Tribunal may direct. (2) The advisory committee appointed… Read More

Section 286 of Companies Act, 2013 – Obligations of directors and managers

SECTION 286. OBLIGATIONS OF DIRECTORS AND MANAGERS [Effective from 15th December, 2016] In the case of a limited company, any person who is or has been a director or manager, whose liability is unlimited under the provisions of this Act, shall, in addition to his liability, if any, to contribute as an ordinary member, be… Read More