What is Saving of existing liabilities What is Continuation of pending legal proceedings Section 369 and 370 of Indian Companies Act 2013

Saving of existing liabilities and Continuation of pending legal proceedings are defined under Section 369  and 370 of Indian Companies Act 2013. Provisions under these Sections are:

 

Section 369 of Indian Companies Act 2013 "Saving of existing liabilities"

The registration of a company in pursuance of this Part shall not affect its rights or liabilities in respect of any debt or obligation incurred, or any contract entered into, by, to, with, or on behalf of, the company before registration.


 

Section 370 of Indian Companies Act 2013 "Continuation of pending legal proceedings"

All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:

Provided that execution shall not issue against the property or persons of any individual member of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company.

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