What is Costs of voluntary winding up Is Debts of all descriptions to be admitted to proof Section 323 and 324 of Indian Companies Act 2013

Costs of voluntary winding up and Debts of all descriptions to be admitted to proof are defined under Section 323  and 324 of Indian Companies Act 2013. Provisions under this Section is:

 

Section 323 of Indian Companies Act 2013 "Costs of voluntary winding up"

All costs, charges and expenses properly incurred in the winding up, including the fee of the Company Liquidator, shall, subject to the rights of secured creditors, if any, be payable out of the assets of the company in priority to all other claims.


 

Section 324 of Indian Companies Act 2013 "Debts of all descriptions to be admitted to proof"

In every winding up (subject, in the case of insolvent companies, to the application in accordance with the provisions of this Act or of the law of insolvency), all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admissible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may be subject to any contingency, or may sound only in damages, or for some other reason may not bear a certain value.

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