Liability Where Proper Accounts not Kept (1) Where a company is being wound up, if it is shown that proper books of account were not kept by the company throughout the period of two years immediately preceding the commencement of the winding up, or the period between the incorporation of the company and the commencement of the winding up, whichever is shorter, every officer of […]

Penalty for Frauds by Officers If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the Tribunal 1[“under this Act”],— (a) has, by false pretences or by means of any other fraud, induced any person to give credit to the

Offences by Officers of Companies in Liquidation (1) If any person, who is or has been an officer of a company which, at the time of the commission of the alleged offence, is being wound up, 1[“by the Tribunal under this Act or which is subsequently ordered to be wound up by the Tribunal under this Act”],— (a)

Certain Attachments, Executions, etc., in Winding Up by Tribunal to be Void (1) Where any company is being wound up by the Tribunal,— (a) any attachment, distress or execution put in force, without leave of the Tribunal against the estate or effects of the company, after the commencement of the winding up; or (b) any sale held, without leave of

Transfers, etc., After Commencement of Winding Up to be Void 1[“334. In the case of a winding up by the Tribunal, any disposition of the property including actionable claims, of the company and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up shall, unless the Tribunal otherwise

Disclaimer of Onerous Property (1) Where any part of the property of a company which is being wound up consists of— (a) land of any tenure, burdened with onerous covenants; (b)shares or stocks in companies; (c) any other property which is not saleable or is not readily saleable by reason of the possessor thereof being bound either

Effect of Floating Charge Where a company is being wound up, a floating charge on the undertaking or property of the company created within the twelve months immediately preceding the commencement of the winding up, shall, unless it is proved that the company immediately after the creation of the charge was solvent, be invalid, except for the amount of any cash paid to the company at the

Liabilities and Rights of Certain Persons Fraudulently Preferred (1)Where a company is being wound up and anything made, taken or done after the commencement of this Act is invalid under section 328 as a fraudulent preference of a person interested in property mortgaged or charged to secure the company’s debt, then, without prejudice to any rights or liabilities arising,

Certain Transfers to be Void 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.  

Transfers Not in Good Faith to be Void [Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrancer in good faith and for valuable consideration, if made