Chapter 20 - Corporate Law Reporter

Section 285 of Companies Act, 2013 – Settlement of list of contributories and application of assets

SECTION 285. SETTLEMENT OF LIST OF CONTRIBUTORIES AND APPLICATION OF ASSETS [Effective from 15th December, 2016] (1) As soon as may be after the passing of a winding up order by the Tribunal, the Tribunal shall settle a list of contributories, cause rectification of register of members in all cases where rectification is required in… Read More

Section 292 of Companies Act, 2013 – Exercise and control of Company Liquidator’s powers

SECTION 292. EXERCISE AND CONTROL OF COMPANY LIQUIDATOR'S POWERS [Effective from 15th December, 2016] (1) Subject to the provisions of this Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of… Read More

Section 293 of Companies Act, 2013 – Books to be kept by Company Liquidator

SECTION 293. BOOKS TO BE KEPT BY COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed. (2) Any… Read More

Section 278 of Companies Act, 2013 – Effect of winding up order

SECTION 278. EFFECT OF WINDING UP ORDER [Effective from 15th December, 2016] The order for the winding up of a company shall operate in favour of all the creditors and all contributories of the company as if it had been made out on the joint petition of creditors and contributories. Read More

Section 279 of Companies Act, 2013 – Stay of suits, etc., on winding up order

SECTION 279. STAY OF SUITS, ETC., ON WINDING UP ORDER [Effective from 15th December, 2016] (1) When a winding up order has been passed or a provisional liquidator has been appointed, no suit or other legal proceeding shall be commenced, or if pending at the date of the winding up order, shall be proceeded with,… Read More

Section 280 of Companies Act, 2013 – Jurisdiction of Tribunal

SECTION 280. JURISDICTION OF TRIBUNAL [Effective from 15th December, 2016] The Tribunal shall, notwithstanding anything contained in any other law for the time being in force, have jurisdiction to entertain, or dispose of,— (a) any suit or proceeding by or against the company; (b) any claim made by or against the company, including claims by… Read More

Section 281 of Companies Act, 2013 – Submission of report by Company Liquidator

SECTION 281. SUBMISSION OF REPORT BY COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) Where the Tribunal has made a winding up order or appointed a Company Liquidator, such liquidator shall, within sixty days from the order, submit to the Tribunal, a report containing the following particulars, namely:— (a) the nature and details of the… Read More

Section 282 of Companies Act, 2013 – Directions of Tribunal on report of Company Liquidator

SECTION 282. DIRECTIONS OF TRIBUNAL ON REPORT OF COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) The Tribunal shall, on consideration of the report of the Company Liquidator, fix a time limit within which the entire proceedings shall be completed and the company be dissolved: Provided that the Tribunal may, if it is of the… Read More

Section 283 of Companies Act, 2013 – Custody of company’s properties

SECTION 283. CUSTODY OF COMPANY'S PROPERTIES [Effective from 15th December, 2016] (1) Where a winding up order has been made or where a provisional liquidator has been appointed, the Company Liquidator or the provisional liquidator, as the case may be, shall, on the order of the Tribunal, forthwith take into his or its custody or… Read More

Section 284 of Companies Act, 2013 – Promoters, directors, etc., to co-operate with Company Liquidator

SECTION 284. PROMOTERS, DIRECTORS, ETC., TO CO-OPERATE WITH COMPANY LIQUIDATOR [Effective from 15th December, 2016] (1) The promoters, directors, officers and employees, who are or have been in employment of the company or acting or associated with the company shall extend full cooperation to the Company Liquidator in discharge of his functions and duties. (2)… Read More

Section 277 of Companies Act, 2013 – Intimation to Company Liquidator, provisional liquidator and Registrar

SECTION 277. INTIMATION TO COMPANY LIQUIDATOR, PROVISIONAL LIQUIDATOR AND REGISTRAR [Effective from 15th December, 2016] (1) Where the Tribunal makes an order for appointment of provisional liquidator or for the winding up of a company, it shall, within a period not exceeding seven days from the date of passing of the order, cause intimation thereof… Read More

Section 276 of Companies Act, 2013 – Removal and replacement of liquidator

SECTION 276. REMOVAL AND REPLACEMENT OF LIQUIDATOR [Effective from 15th December, 2016] (1) The Tribunal may, on a reasonable cause being shown and for reasons to be recorded in writing, remove the provisional liquidator or the Company Liquidator, as the case may be, as liquidator of the company on any of the following grounds, namely:—… Read More

Section 275 of Companies Act, 2013 – Company Liquidators and their appointments

SECTION 275. COMPANY LIQUIDATORS AND THEIR APPOINTMENTS [Effective from 15th December, 2016] (1) For the purposes of winding up of a company by the Tribunal, the Tribunal at the time of the passing of the order of winding up, shall appoint an Official Liquidator or a liquidator from the panel maintained under sub-section (2) as… Read More