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

Liquidator to Make Returns, etc (1) If any Company Liquidator who has made any default in filing, delivering or making any return, account or other document, or in giving any notice which he is by law required to file, deliver, make or give, fails to make good the default within fourteen days after the service on him of

Company Liquidation Dividend and Undistributed Assets Account (1) Where any company is being wound up and the liquidator has in his hands or under his control any money representing— (a) dividends payable to any creditor but which had remained unpaid for six months after the date on which they were declared; or (b) assets refundable to any contributory which have remained undistributed for

Liquidator Not to Deposit Monies into Private Banking Account Neither the Official Liquidator nor the Company Liquidator of a company shall deposit any monies received by him in his capacity as such into any private banking account.  

Company Liquidator to Deposit Monies into Scheduled Bank  (1) Every Company Liquidator of a company shall, in such manner and at such times as may be prescribed, deposit the monies received by him in his capacity as such in a scheduled bank to the credit of a special bank account opened by him in that behalf: Provided that if the Tribunal considers that it is