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
Tribunal.
(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.

What is Liability under sections 339 and 340 to extend to partners or directors in firms or companies? What is Prosecution of delinquent officers and members of company? Section 341 and 342 of Indian Companies Act 2013

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

What is the meaning of Books and papers of company to be evidence? What is inspection of books and papers by creditors and contributories? Section 345 and 346 of Indian Companies Act 2013

What is Disposal of books and papers of company? What is Information as to pending liquidations? Section 347 and 348 of Indian Companies Act 2013

What is the meaning of Official Liquidator to make payments into public account of India? What is Company Liquidator to deposit monies into scheduled bank? Section 349 and 350 of Indian Companies Act 2013

What is Liquidator not to deposit monies into private banking account? What is Company Liquidation Dividend and Undistributed Assets Account? Section 351 and 352 of Indian Companies Act 2013

Liquidator to make returns, etc What is Meetings to ascertain wishes of creditors or contributories? Section 353 and 354 of Indian Companies Act 2013

Court, tribunal or person, etc., before whom affidavit may be sworn? What are the Powers of Tribunal to declare dissolution of company void? Section 355 and 356 of Indian Companies Act 2013

What is Commencement of winding up by Tribunal? What is Exclusion of certain time in computing period of limitation? Section 357 and 358 of Indian Companies Act 2013

What is Appointment of Official Liquidator? What are the Powers and functions of Official Liquidator? Section 359 and 360 of Indian Companies Act 2013

 

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