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

Settlement of list of contributories and application of assets and Obligations of directors and managers are defined under Section 285 and 286 of Indian Companies Act 2013. Provisions under these Sections are:

Section 285 of Indian Companies Act 2013 "Settlement of list of contributories and application of assets"

(1) As soon as may be after the passing of a winding up order by the Tribunal, the Tribunal shall settle a list of contributories, cause rectification of register of members in all cases where rectification is required in pursuance of this Act and shall cause the assets of the company to be applied for the discharge of its liability:

Provided that where it appears to the Tribunal that it would not be necessary to make calls on or adjust the rights of contributories, the Tribunal may dispense with the settlement of a list of contributories.

 

(2) In settling the list of contributories, the Tribunal shall distinguish between those who are contributories in their own right and those who are contributories as being representatives of, or liable for the debts of, others.

(3) While settling the list of contributories, the Tribunal shall include every person, who is or has been a member, who shall be liable to contribute to the assets of the company an amount sufficient for payment of the debts and liabilities and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, subject to the following conditions, namely: -

(a) a person who has been a member shall not be liable to contribute if he has ceased to be a member for the preceding one year or more before the commencement of the winding up;

(b) a person who has been a member shall not be liable to contribute in respect of any debt or liability of the company contracted after he ceased to be a member;

(c) no person who has been a member shall be liable to contribute unless it appears to the Tribunal that the present members are unable to satisfy the contributions required to be made by them in pursuance of this Act;

(d) in the case of a company limited by shares, no contribution shall be required from any person, who is or has been a member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as such member;

(e) in the case of a company limited by guarantee, no contribution shall be required from any person, who is or has been a member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up but if the company has a share capital, such member shall be liable to contribute to the extent of any sum unpaid on any shares held by him as if the company were a company limited by shares.

Section 286 of Indian Companies Act 2013 "Obligations of directors and managers"

In the case of a limited company, any person who is or has been a director or manager, whose liability is unlimited under the provisions of this Act, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to make a further contribution as if he were at the commencement of winding up, a member of an unlimited company:

Provided that  -

(a) a person who has been a director or manager shall not be liable to make such further contribution, if he has ceased to hold office for a year or upwards before the commencement of the winding up;

(b) a person who has been a director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company contracted after he ceased to hold office;

(c) subject to the articles of the company, a director or manager shall not be liable to make such further contribution unless the Tribunal deems it necessary to require the contribution in order to satisfy the debts and liabilities of the company, and the costs, charges and expenses of the winding up.

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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