1 (1) When the affairs of a company have been
completely wound up and it is about to be dissolved, the
books and papers of such company and those of the
Company Liquidator may be disposed of in such manner as
the Tribunal directs.]
(2) After the expiry of five years from the dissolution
of the company, no responsibility shall devolve on the
company, the Company Liquidator, or any person to whom
the custody of the books and papers has been entrusted,
by reason of any book or paper not being forthcoming to
any person claiming to be interested therein.
(3) The Central Government may, by rules,--
(a) prevent for such period as it thinks proper the
destruction of the books and papers of a company which
has been wound up and of its Company Liquidator; and
(b) enable any creditor or contributory of the company
to make representations to the Central Government in
respect of the matters specified in clause (a) and to
appeal to the Tribunal from any order which may be made
by the Central Government in the matter.
(4) If any person acts in contravention of any rule
framed or an order made under sub-section (3), he shall
be punishable 2*** with fine which may extend to 3[fifty
thousand rupees].
------------------------
1. Subs. by Act 31 of 2016, s. 255 and the Eleventh
Schedule, for sub-section (1) (w.e.f. 15-11-2016).
2. The words "with imprisonment for a term which may extend
to six months or" omitted by Act 29 of 2020, s. 49 (w.e.f.
21-12- 2020).
3. Subs. by s. 49, ibid., for "fifty thousand rupees, or
with both" (w.e.f. 21-12-2020)
1[(1) If the winding up of a company is not concluded within one year after its commencement, the Company Liquidator shall, unless he is exempted from so doing, either wholly or in part by the Central Government, within two months of the expiry of such year and thereafter until the winding up is concluded, at intervals of not more than one year or at such shorter intervals, if any, as may be prescribed, file a statement in such form containing such particulars as may be prescribed, duly audited, by a person qualified to act as auditor of the company, with respect to the proceedings in, and position of, the liquidation, with the Tribunal:
Provided that no such audit as is referred to in this sub-section shall be necessary where the provisions of section 294 apply.]
(2) When the statement is filed with the Tribunal under clause (a) of sub-section (1), a copy shall simultaneously be filed with the Registrar and shall be kept by him along with the other records of the company.
(3) Where a statement referred to in sub-section (1) relates to a Government company in liquidation, the Company Liquidator shall forward a copy thereof--
(a) to the Central Government, if that Government is a member of the Government company;
(b) to any State Government, if that Government is a member of the Government company; or
(c) to the Central Government and any State Government, if both the Governments are members of the Government company.
(4) Any person stating himself in writing to be a creditor or contributory of the company shall be entitled, by himself or by his agent, at all reasonable times, on payment of the prescribed fee, to inspect the statement referred to in sub-section (1), and to receive a copy thereof or an extract there from.
(5) Any person fraudulently stating himself to be a creditor or contributory under sub-section (4) shall be deemed to be guilty of an offence under section 182 of the Indian Penal Code (45 of 1860), and shall, on the application of the Company Liquidator, be punishable accordingly.
2[(6) Where a Company Liquidator, who is an insolvency professional registered under the Insolvency and Bankrupt Code, 2016 (31 of 2016) is in default in complying with the provisions of this section, then such default shall be deemed to be a contravention of the provisions of the said Code, and the rules and regulations made thereunder for the purpose of proceedings under chapter VI of Part IV of that Code.]
3* * * * *
----------------------
1. Subs. by s. 255 and the Eleventh Schedule, ibid., for sub-section (1) (w.e.f. 15-11-2016).
2. Subs. by Act 29 of 2020, s. 50, for sub-section (6) (w.e.f. 21-12-2020).
3. Sub-section (7) omitted by s. 50, ibid. (w.e.f. 21-12-2020).