What is Effect of registration under this Part What is Power of Court to stay or restrain proceedings Section 371 and 372 of Indian Companies Act 2013

Effect of registration under this Part and Power of Court to stay or restrain proceedings are defined under Section 371  and 372 of Indian Companies Act 2013. Provisions under these Sections are:

Section 371 of Indian Companies Act 2013 "Effect of registration under this Part"

(1) When a company is registered in pursuance of this Part, sub-sections (2) to (7) shall apply.

(2) All provisions contained in any Act of Parliament or any other law for the time being in force, or other instrument constituting or regulating the company, including, in the case of a company registered as a company limited by guarantee, the resolution declaring the amount of the guarantee, shall be deemed to be conditions and regulations of the company, in the same manner and with the same incidents as if so much thereof as would, if the company had been formed under this Act, have been required to be inserted in the memorandum, were contained in a registered memorandum, and the residue thereof were contained in registered articles.

(3) All the provisions of this Act shall apply to the company and the members, contributories and creditors thereof, in the same manner in all respects as if it had been formed under this Act, subject as follows: -

(a) Table F in Schedule I shall not apply unless and except in so far as it is adopted by special resolution;

(b) the provisions of this Act relating to the numbering of shares shall not apply to any company whose shares are not numbered;

(c) in the event of the company being wound up, every person shall be a contributory, in respect of the debts and liabilities of the company contracted before registration, who is

 

liable to pay or contribute to the payment of any debt or liability of the company contracted before registration, or to pay or contribute to the payment of any sum for the adjustment of the rights of the members among themselves in respect of any such debt or liability, or to pay or contribute to the payment of the costs, charges and expenses of winding up the company, so far as relates to such debts or liabilities as aforesaid;

(d) in the event of the company being wound up, every contributory shall be liable to contribute to the assets of the company, in the course of the winding up, all sums due from him in respect of any such liability as aforesaid; and in the event of the death or insolvency of any contributory, the provisions of this Act with respect to the legal representatives of deceased contributories, or with respect to the assignees of insolvent contributories, as the case may be, shall apply.

(4) The provisions of this Act with respect to -

(a) the registration of an unlimited company as a limited company;

(b) the powers of an unlimited company on registration as a limited company, to increase the nominal amount of its share capital and to provide that a portion of its share capital shall not be capable of being called-up except in the event of winding up;

(c) the power of a limited company to determine that a portion of its share capital shall not be capable of being called-up except in the event of winding up, shall apply, notwithstanding anything in any Act of Parliament or any other law for the time being in force, or other instrument constituting or regulating the company.

(5) Nothing in this section shall authorise the company to alter any such provisions contained in any instrument constituting or regulating the company as would, if the company had originally been formed under this Act, have been required to be contained in the memorandum and are not authorised to be altered by this Act.

(6) None of the provisions of this Act (apart from those of section 242) shall derogate from any power of altering its constitution or regulations which may be vested in the company, by virtue of any Act of Parliament or any other law for the time being in force, or other instrument constituting or regulating the company.

(7) In this section, the expression instrument includes deed of settlement, deed of partnership, or limited liability partnership.

Section 372 of Indian Companies Act 2013 "Power of Court to stay or restrain proceedings"

The provisions of this Act with respect to staying and restraining suits and other legal proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributory of the company.

 

What is summary procedure for liquidation What is sale of assets and recovery of debts due to company Section 361 and 362 of Indian Companies Act 2013

What is Settlement of claims of creditors by Official Liquidator What is Appeal by creditor Section 363 and 364 of Indian Companies Act 2013

What is Order of dissolution of company Companies capable of being registered. Section 365 and 366 of Indian Companies Act 2013

What is Certificate of registration of existing companies What is Vesting of property on registration Section 367 and 368 of Indian Companies Act 2013

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

What is Effect of registration under this Part What is Power of Court to stay or restrain proceedings Section 371 and 372 of Indian Companies Act 2013

What is Suits stayed on winding up order What is Obligations of companies registering under this Part Section 373 and 374 of Indian Companies Act 2013

What is Winding up of unregistered companies What is Power to wind up foreign companies, although dissolved Section 375 and 376 of Indian Companies Act 2013

What is Provisions of Chapter cumulative What is Saving and construction of enactments conferring power to wind up partnership firm, association or company, etc., in certain cases Section 377 and 378 of Indian Companies Act 2013

What is Application of Act to foreign companies What is Documents, etc., to be delivered to Registrar by foreign companies Section 379 and 380 of Indian Companies Act 2013

 

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