Company Liquidator to exercise certain powers subject to sanction. What is Statement that company is in liquidation? Section 343 and 344 of Indian Companies Act 2013
Company Liquidator to exercise certain powers subject to sanction and Statement that company is in liquidation are defined under Section 343 and 344 of Indian Companies Act 2013. Provisions under these Sections are:
Section 343 of Indian Companies Act 2013 "Company Liquidator to exercise certain powers subject to sanction"
(1) The Company Liquidator may -
(a) with the sanction of the Tribunal, when the company is being wound up by the Tribunal; and
(b) with the sanction of a special resolution of the company and prior approval of the Tribunal, in the case of a voluntary winding up,-
(i) pay any class of creditors in full;
(ii) make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim, present or future, certain or contingent, against the company, or whereby the company may be rendered liable; or (iii) compromise any call or liability to call, debt, and liability capable of resulting in a debt, and any claim, present or future, certain or contingent, ascertained or sounding only in damages, subsisting or alleged to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and all questions in any way relating to or affecting the assets or liabilities or the winding up of the company, on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claim, and give a complete discharge in respect thereof.
(2) Notwithstanding anything contained in sub-section (1),
in the case of a winding up
by the Tribunal, the Central Government may make rules to provide that the Company
Liquidator may, under such circumstances, if any, and subject to such conditions, restrictions
and limitations, if any, as may be prescribed, exercise any of the powers referred to in subclause
(ii) or sub-clause (iii) of clause (b) of sub-section (1) without the sanction of the
(3) Any creditor or contributory may apply in the manner prescribed to the Tribunal
with respect to any exercise or proposed exercise of powers by the Company Liquidator
under this section, and the Tribunal shall after giving a reasonable opportunity to such
applicant and the Company Liquidator, pass such orders as it may think fit.
Section 344 of Indian Companies Act 2013 "Statement that company is in liquidation"
(1) Where a company is being wound up, whether by the Tribunal or voluntarily, every invoice, order for goods or business letter issued by or on behalf of the company or a Company Liquidator of the company, or a receiver or manager of the property of the company, being a document on or in which the name of the company appears, shall contain a statement that the company is being wound up.
(2) If a company contravenes the provisions of sub-section (1), the company, and every officer of the company, the Company Liquidator and any receiver or manager, who willfully authorises or permits the non-compliance, shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to three lakh rupees.
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