Cos 279 — Stay of suits, etc., on winding up order

Companies Act, 2013

Statutory text

(1) When a winding up order has been passed or a provisional  liquidator  has  been  appointed,  no  suit  or  other  legal  proceeding  shall  be  commenced,  or  if pending at the date of the winding up order, shall be proceeded with, by or against the company, except with the leave of the Tribunal and subject to such terms as the Tribunal may impose:
Provided that any application to the Tribunal seeking leave under this section shall be disposed of by the Tribunal within sixty days.
(2)  Nothing  in  sub-section  (1)  shall  apply  to  any  proceeding  pending  in  appeal  before  the  Supreme Court or a High Court.

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