What is Custody of company's properties? Promoters, directors, etc., to cooperate with Company Liquidator. Section 283 and 284 of Indian Companies Act 2013

Custody of company's properties and Promoters, directors, etc., to cooperate with Company Liquidator are defined under Section 283 and 284 of Indian Companies Act 2013. Provisions under these Sections are:

Section 283 of Indian Companies Act 2013 "Custody of company's properties"

(1) Where a winding up order has been made or where a provisional liquidator has been appointed, the Company Liquidator or the provisional liquidator, as the case may be, shall, on the order of the Tribunal, forthwith take into his or its custody or control all the property, effects and actionable claims to which the company is or appears to be entitled to and take such steps and measures, as may be necessary, to protect and preserve the properties of the company.

 

(2) Notwithstanding anything contained in sub-section (1), all the property and effects of the company shall be deemed to be in the custody of the Tribunal from the date of the order for the winding up of the company.

(3) On an application by the Company Liquidator or otherwise, the Tribunal may, at any time after the making of a winding up order, require any contributory for the time being on the list of contributories, and any trustee, receiver, banker, agent, officer or other employee of the company, to pay, deliver, surrender or transfer forthwith, or within such time as the Tribunal directs, to the Company Liquidator, any money, property or books and papers in his custody or under his control to which the company is or appears to be entitled.

Section 284 of Indian Companies Act 2013 "Promoters, directors, etc., to cooperate with Company Liquidator"

(1) The promoters, directors, officers and employees, who are or have been in employment of the company or acting or associated with the company shall extend full cooperation to the Company Liquidator in discharge of his functions and duties. (2) Where any person, without reasonable cause, fails to discharge his obligations under sub-section (1), he shall be punishable with imprisonment which may extend to six months or with fine which may extend to fifty thousand rupees, or with both.

What is Submission of report by Company Liquidator? What is Directions of Tribunal on report of Company Liquidator? Section 281 and 282 of Indian Companies Act 2013

What is Custody of company's properties? Promoters, directors, etc., to cooperate with Company Liquidator. Section 283 and 284 of Indian Companies Act 2013

What is Settlement of list of contributories and application of assets? What is Obligations of directors and managers?. Section 285 and 286 of Indian Companies Act 2013

What is Advisory committee? What is submission of periodical reports to Tribunal Section 287 and 288 of Indian Companies Act 2013

What is Power of Tribunal on application for stay of winding up? What is Powers and duties of Company Liquidator Section 289 and 290 of Indian Companies Act 2013

What is Provision for professional assistance to Company Liquidator? What is Exercise and control of Company Liquidator's powers? Section 291 and 292 of Indian Companies Act 2013

What is Books to be kept by Company Liquidator? What is audit of Company Liquidator's accounts? Section 293 and 294 of Indian Companies Act 2013

What is Payment of debts by contributory and extent of set-off? What is Power of Tribunal to make calls? Section 295 and 296 of Indian Companies Act 2013

What is Adjustment of rights of contributories? What is power to order costs? What is Power to summon persons suspected of having property of company, etc? Section 297, 298 and 299 of Indian Companies Act 2013

What is Power to order examination of promoters, directors, etc? Section 300 of Indian Companies Act 2013

 

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