What is Effect of winding up order? What is stay of suits, etc., on winding up order? What is the Jurisdiction of Tribunal? Section 278, 279 and 280 of Indian Companies Act 2013
Effect of winding up order, Stay of suits, etc., on winding up order and Jurisdiction of Tribunal are defined under Section 278, 279 and 280 of Indian Companies Act 2013. Provisions under these Sections are:
Section 278 of Indian Companies Act 2013 "Effect of winding up order"
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.
Section 279 of Indian Companies Act 2013 "Stay of suits, etc., on winding up order"
(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, by or against the company, except with the leave of the Tribunal and subject to such terms as the Tribunal may impose:
Provided that any application to the Tribunal seeking leave under this section shall be disposed of by the Tribunal within sixty days.
(2) Nothing in sub-section (1) shall apply to any proceeding pending in appeal before the Supreme Court or a High Court.
280 of Indian Companies Act 2013
"Jurisdiction of Tribunal"
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 or against any of its branches in India;
(c) any application made under section 233;
(d) any scheme submitted under section 262;
(e) any question of priorities or any other question whatsoever, whether of law or facts, including those relating to assets, business, actions, rights, entitlements, privileges, benefits, duties, responsibilities, obligations or in any matter arising out of, or in relation to winding up of the company, whether such suit or proceeding has been instituted, or is instituted, or such claim or question has arisen or arises or such application has been made or is made or such scheme has been submitted, or is submitted, before or after the order for the winding up of the company is made.
|What is Scheme of revival and rehabilitation? What is sanction of scheme? What is the meaning of scheme to be binding? Section 261, 262 and 263 of Indian Companies Act 2013|