What is Bar of jurisdiction What is Rehabilitation and Insolvency Fund What are the Modes of winding up Section 268, 269 and 270 of Indian Companies Act 2013
Bar of jurisdiction, Rehabilitation and Insolvency Fund and Modes of winding up are defined under Section 268, 269 and 270 of Indian Companies Act 2013. Provisions under these Sections are:
Section 268 of Indian Companies Act 2013 "Bar of jurisdiction"
No appeal shall lie in any court or other authority and no civil court shall have any jurisdiction in respect of any matter in respect of which the Tribunal or the Appellate Tribunal is empowered by or under this Chapter and no injunction shall be granted by any court or other authority in respect of any action taken or proposed to be taken in pursuance of any power conferred by or under this Chapter.
Section 269 of Indian Companies Act 2013 "Rehabilitation and Insolvency Fund"
(1) There shall be formed a Fund to be called the Rehabilitation and Insolvency Fund for the purposes of rehabilitation, revival and liquidation of the sick companies.
(2) There shall be credited to the Fund -
(a) the grants made by the Central Government for the purposes of the Fund;
(b) the amount deposited by the companies as contribution to the Fund;
(c) the amount given to the Fund from any other source; and
(d) the income from investment of the amount in the Fund.
(3) A company which has contributed any amount to the Fund shall, in the event of proceedings initiated in respect of such company under this Chapter or Chapter XX, may make an application to the Tribunal for withdrawal of funds not exceeding the amount contributed by it, for making payments to workmen, protecting the assets of the company or meeting the incidental costs during proceedings.
(4) The Fund shall be managed by an administrator to be appointed by the Central Government in such manner as may be prescribed.
Section 270 of Indian Companies Act 2013 "Modes of winding up"
(1) The winding up of a company may be either -
(a) by the Tribunal; or
(2) Notwithstanding anything contained in any other Act, the provisions of this Act with respect to winding up shall apply to the winding up of a company in any of the modes specified under sub-section (1).