Settlement of Claims of Creditors by Official Liquidator (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 Liquidator shall prepare a list of claims of creditors in such manner […]

Summary Procedure for Liquidation (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 Central Government may order it to be wound up by summary procedure provided under this Part. (2)

Powers and Functions of Official Liquidator. (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 exercised by a Company Liquidator under the provisions of this Act; and (b)

Appointment of Official Liquidator. (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 functions of the Official Liquidator. (2) The liquidators appointed under sub-section (1)shall be

Exclusion of Certain Time in Computing Period of Limitation Notwithstanding anything in the Limitation Act, 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 of a company which is being wound up by the Tribunal, the period

Commencement of Winding Up by Tribunal [“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.”.] Amendment (a) Substituted byInsolvency and Bankruptcy Code, 2016 Dated 15th November, 2016. In section 357 (1) Where, before the presentation of a petition

Powers of Tribunal to Declare Dissolution of Company Void (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 Liquidator of the company or by any other person who appears to the Tribunal to be interested, make an

Court, Tribunal or Person, etc., Before Whom Affidavit Aay be Sworn (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; and (b) in any other country before any court, judge

Meetings to Ascertain Wishes of Creditors or Contributories (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 fit for the purpose of ascertaining those wishes, direct