Section-357: Commencement of Winding Up by Tribunal

Notified Date of Section: 7/12/2016

 Effective Date: 15/12/2016

Commencement of Winding Up by Tribunal.

¹[“357. The winding up of a company by the Tribunal under this Act shall be deemed to commence at the time of the presentation of the petition for the winding  up.”.]

Amendment

1.   (a) Substituted by Insolvency and Bankruptcy Code, 2016 Dated 15th November, 2016.

    In section 357

   357. (1) Where, before the presentation of a petition for the winding up of a company by the Tribunal, a resolution has been passed by the company for voluntary winding up, the winding up of the company shall be deemed to have commenced at the time of the passing of the resolution, and unless the Tribunal, on proof of fraud or mistake, thinks fit to direct otherwise, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken.
(2) In any other case, the winding up of a company by the Tribunal shall be deemed to commence at the time of the presentation of the petition for the winding up.

    the following section shall be substituted, namely:—

    “357. The winding up of a company by the Tribunal under this Act shall be deemed to commence at the time of the presentation of the petition for the winding  up.”.

    (b)  The MCA Notification No. F.O. 3453(E) Dated 15th November, 2016, enforcing the related sections of Insolvency and Bankruptcy Code, 2016.