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

Payment of debts by contributory and extent of set-off and Power of Tribunal to make calls are defined under Section 295 and 296 of Indian Companies Act 2013. Provisions under these Sections are:

Section 295 of Indian Companies Act 2013 "Payment of debts by contributory and extent of set-off"

(1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Act.

(2) The Tribunal, in making an order, under sub-section (1), may, -

(a) in the case of an unlimited company, allow to the contributory, by way of setoff, any money due to him or to the estate which he represents, from the company, on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and

 

(b) in the case of a limited company, allow to any director or manager whose liability is unlimited, or to his estate, such set-off.

(3) In the case of any company, whether limited or unlimited, when all the creditors have been paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.

Section 296 of Indian Companies Act 2013 "Power of Tribunal to make calls"

The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company, -

(a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves; and (b) make an order for payment of any calls so made.

 

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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