Section-468: Powers of Central Government to Make Rules Relating to Winding Up

Powers of Central Government to Make Rules Relating to Winding Up.

 Notified Date of Section: 12/09/2013

[(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—

(i) as to the mode of proceedings to be held for winding up of a company by the Tribunal under this Act;

(ii) for the holding of meetings of creditors and members in connection with proceedings under section 230;

(iii) for giving effect to the provisions of this Act as to the reduction of the capital;

(iv) generally for all applications to be made to the Tribunal under the provisions of this Act;

(v) the holding and conducting of meetings to ascertain the wishes of creditors and contributories;

(vi) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets;

(vii) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;

(viii) the making of calls; and

(ix) the fixing of a time within which debts and claims shall be proved.”.]

(3) All rules made by the Supreme Court on the matters referred to in this section as itstood immediately before the commencement of this Act and in force at such commencement, shall continue to be in force, till such time the rules are made by the Central Government and any reference to the High Court in relation to winding up of a company in such rules shall be construed as a reference to the Tribunal.

Amendment

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

In section 468, for sub-section (2),

(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—
(i) as to the mode of proceedings to be held for winding up of a company by the Tribunal;
(ii) for the voluntary winding up of companies, whether by members or by creditors;
(iii) for the holding of meetings of creditors and members in connection with proceedings under section 230;
(iv) for giving effect to the provisions of this Act as to the reduction of the capital;
(v) generally for all applications to be made to the Tribunal under the provisions of this Act;
(vi) the holding and conducting of meetings to ascertain the wishes of creditors and contributories;
(vii) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets;
(viii) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;
(ix) the making of calls; and
(x) the fixing of a time within which debts and claims shall be proved.

the following sub-section shall be substituted, namely:—

    (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:—

    (i) as to the mode of proceedings to be held for winding up of a company by the Tribunal under this Act;

    (ii) for the holding of meetings of creditors and members in connection with proceedings under section 230;

    (iii) for giving effect to the provisions of this Act as to the reduction of the capital;

    (iv) generally for all applications to be made to the Tribunal under the provisions of this Act;

    (v) the holding and conducting of meetings to ascertain the wishes of creditors and contributories;

    (vi) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets;

    (vii) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;

    (viii) the making of calls; and

    (ix) the fixing of a time within which debts and claims shall be proved.”.

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