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

Suits stayed on winding up order and Obligations of companies registering under this Part are defined under Section 373  and 374 of Indian Companies Act 2013. Provisions under these Sections are:

 

Section 373 of Indian Companies Act 2013 "Suits stayed on winding up order"

Where an order has been made for winding up, or a provisional liquidator has been appointed for, a company registered in pursuance of this Part, no suit or other legal proceeding shall be proceeded with or commenced against the company or any contributory of the company in respect of any debt of the company, except by leave of the Tribunal and except on such terms as the Tribunal may impose.


 

Section 374 of Indian Companies Act 2013 "Obligations of companies registering under this Part"

Every company which is seeking registration under this Part shall, -

(a) ensure that secured creditors of the company, prior to its registration under this Part, have either consented to or have given their no objection to company's registration under this Part;

(b) publish in a newspaper, advertisement one in English and one in vernacular language in such form as may be prescribed giving notice about registration under this Part, seeking objections and address them suitably;

(c) file an affidavit, duly notarised, from all the members or partners to provide that in the event of registration under this Part, necessary documents or papers shall be submitted to the registering or other authority with which the company was earlier registered, for its dissolution as partnership firm, limited liability partnership, cooperative society, society or any other business entity, as the case may be.

(d) comply with such other conditions as may be prescribed.

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