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Start Free TrialCompanies Act, 1956 Part 7
Title: Winding Up
State: Central
Year: 1956
.....pay the sum so due and the company has for three weeks thereafter neglected to pay the sum, or to secure or compound for it to the reasonable satisfaction of the creditor; (b) if execution or other process issued on a decree or order of2[any court or Tr i bunal] in favour of a creditor of the company is returned unsatisfied in whole or in part; or (c) if it is proved to the satisfaction of the3[Tribunal] that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the3[Tribunal] shall take into account the contingent and prospective liabilities of the company. (2) The demand referred to in clause (a) of sub-section (1) shall be deemed to have been duly given under the hand of the creditor if it is signed by any agent or legal adviser duly authorised on his behalf, or in the case of a firm, if it is signed by any such agent or legal adviser or by any member of the firm. _____________________ 1. Substituted by Act 11 of 2003, Section 52, for "five hundred rupees". 2. Substituted by Act 11 of 2003, Section 52, for "any Court" . 3. Substituted by Act 11 of 2003, Section 52, for "Court". Section 435 to 438 - *** .....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Chapter 3
Title: Voluntary Winding Up
State: Central
Year: 1956
.....of company Subject to the provisions of this Act as to preferential payments, the assets of a company shall, on its winding up be applied in satisfaction of its liabilities pari passu and subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company. Section 511A - Application of section 454 to voluntary winding up 1[511A. Application of section 454 to voluntary winding up. - The provisions of section 454 shall, so far as may be, apply to every voluntary winding up as they apply to the winding up by the 2[Tribunal] except that references to-- (a) the 2[Tribunal] shall be omitted; (b) the Official Liquidator or the provisional liquidator shall be construed as references to the liquidator; and (c) the "relevant date" shall be construed as references to the date of commencement of the winding up.] ____________________ 1. Inserted by Act 31 of 1965, Section 56 (w.e.f. 15-10-1965). 2. Substituted by Act 11 of 2003, Section 88, for "Court". Section 512 - Powers and duties of liquidator in voluntary winding up ( 1) The liquidator may,- (a) in the case of a.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Chapter 5
Title: Provisions Applicable to Every Mode of Winding Up
State: Central
Year: 1956
.....amount as the1[Tribunal] may, on the application of the liquidator, authorise him to retain, then, unless he explains the retention to the satisfaction of the1[Tribunal], he shall - (a) pay interest on the amount so retained in excess, at the rate of twelve per cent, per annum and also pay such penalty as may be determined by the Registrar; (b) be liable to pay any expenses occasioned by reason of his default; and (c) also be liable to have all or such part of his remuneration as the1[Tribunal] may think just disallowed, and to be removed from his office by the1[Tribunal]. _____________________ 1. Substituted by Act 11 of 2003, Section 108, for "Court". Section 554 - Liquidator not to pay moneys into private banking account Neither the Official Liquidator nor any other liquidator of a company shall pay any moneys received by him in his capacity as such into any private banking account. Section 555 - Unpaid dividends and undistributed assets to be paid into the Companies Liquidation Account 1 [(1) Where any company is being wound up, if the liquidator has in his hands or under his control any money representing - (a) dividends payable to any creditor.....
View Complete Act List Judgments citing this sectionChit Funds Act, 1982 Chapter X
Title: Winding Up of Chits
State: Central
Year: 1982
.....or (c) if he fails to deposit any amount required to be deposited under any of the provisions of this Act; or (d) if it is proved to the satisfaction of the Registrar that the foreman is unable to pay the amounts due to the subscribers; or (e) if the execution or other process issued on an order passed by the Registrar in favour of any subscriber in respect of amounts due to him from the foreman in relation to the chit business is returned unsatisfied in whole or in part; or (f) if it is proved that there has been a fraud or collusion on the part of the foreman in the matter of taking securities from any prized subscriber; or (g) if the foreman has appropriated the prize amount in his capacity as a subscriber without furnishing sufficient security for future subscriptions; or (h) if the Registrar is satisfied that the affairs of the chit are being conducted in a manner prejudicial to the interests of the subscribers; or (i) if it is just and equitable that the chit should be wound up. Explanation.-For the purpose of clause (d), in determining whether the foreman is unable to pay the amount due to the subscribers, the Registrar shall, take into account his.....
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Part 3
Title: Suspension of Business and Winding Up of Banking Companies
State: Central
Year: 1949
.....in the opinion of the Reserve Bank- (i) a compromise or arrangement sanctioned by a court in respect of the banking company cannot be worked satisfactorily with or without modifications; or (ii) the returns, statements or information furnished to it under or in pursuance of the provisions of this Act disclose that the banking company is unable to pay its debts; or (iii) the continuance of the banking company is prejudicial to the interests of its depositors. (4) Without prejudice to the provisions contained in section 434 of the Companies Act, 1956 (I of 1956) a banking company shall be deemed to be unable to pay its debts if it has refused to meet any lawful demand made at any of its offices or branches within two working days, if such demand is made at a place where there is an office, branch or agency of the Reserve Bank, or within five working days, if such demand is made elsewhere, and if the Reserve Bank certifies in writing that the banking company is unable to pay its debts. (5) A copy of every application made by the Reserve Bank under sub-section (1) shall be sent by the Reserve Bank to the registrar. ] ______________________ 1. Substituted by Act 33 of.....
View Complete Act List Judgments citing this sectionKarnataka Souharda Sahakari Act, 1997 Chapter VII
Title: Winding Up of Co--operatives
State: Karnataka
Year: 1997
.....on business for two consecutive years; or (c) is no longer operating in accordance with the co-operative principles and the provisions of this Act, rules and the bye-laws of the Co-operative, he may suomotu, require the Chief Executive of the Co-operative to intimate whether suchCo-operative is carrying on business or is submitting annual returns. (3) If no reply is received from the Chief Executive within one month, the Registrar shall within fourteen days after the expiry of the said period record that no reply has been received by him and shall publish a notice in the newspaper having wide circulation in the local area to wind up theCo-operative. (4) If the Registrar receives a reply from theCo-operative that it is not carrying on business or is not in operation or does not wish to continue as aCo-operative or can not submit an annual return, he shall publish in the newspaper and send to theCo-operative a notice specifying the date on the expiry of which the Co-operative shall, unless cause is shown to the contrary, be wound up. (5) If the Registrar after considering the reply, if any, issatisfied.- (i) that the Co-operative has no assets and liabilities, he.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Part 10
Title: Winding Up of Unregistered Companies
State: Central
Year: 1956
.....so due, and the company has, for three weeks after the service of the demand, neglected to pay the sum or to secure or compound for it to the satisfaction of the creditor; (b) if any suit or other legal proceeding has been instituted against any member for any debt or demand due, or claimed to be due from the company, or from him in his character of member, and notice in writing of the institution of the suit or other legal proceeding having been served on the company by leaving the same at its principal place of business or by delivering it to the secretary, or some director 5 [***] manager or principal officer of the company or by otherwise serving the same in such manner as the 4 [Tribunal] may approve or direct, the company has not, within ten days after service of the notice,- (i) paid, secured or compounded for the debt, or demand; or (ii) procured the suit or other legal proceeding to be stayed; or (iii) indemnified the defendant to his satisfaction against the suit or other legal proceeding, and against all costs, damages and expenses to be incurred by him by reason of the same; (c) if execution or other process issued on a decree or 6 [order of any Court or.....
View Complete Act List Judgments citing this sectionMulti State Co-operative Societies Act, 1984 [Repealed] Chapter IX
Title: Winding Up of Multi-state Co-operative Societies
State: Central
Year: 1984
.....shall be reimbursed by the liquidator or such other person in the circumstances, to the extent and in the manner provided in section 21-of that Act. Section 80 - liquidator (1) Where the Central Registrar has made an order under section 77-for the winding up of a multi-State co-operative society, the Central Registrar may appoint a liquidator for the purpose and fix his remuneration. (2) A liquidator shall, on appointment, lake into his custody or under his control all the property. effects and actionable claims to which the multi-State co-operative society is or appears to be entitled and shall take such steps as he may deem necessary or expedient to prevent loss or deterioration of. or damage lo. such property, effects and claims and he may carry on the business of the Multi-State co-operative society so far as may be necessary with the previous approval of the Central Registrar. (3) Where an appeal is preferred under clause (k) of sub-section (1) of section 90-. an order for the winding of a multi-State co-operative society made under section 77-shall not operate thereafter until the order is confirmed in appeal : Provided that the liquidator shall continue to.....
View Complete Act List Judgments citing this sectionMulti-state Co-operative Societies Act, 2002 Chapter X
Title: Winding Up of Multi-state Co-operative Society
State: Central
Year: 2002
.....shall be reimbursed by the liquidator or such other person in the circumstances, to the extent and in the manner provided in section 21 of that Act. Section 89 - Liquidator (1) Where the Central Registrar has made an order under section 86 for the winding up of a multi-State co-operative society, the Central Registrar may appoint a liquidator for the purpose and fix his remuneration. (2) A liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the multi-State co-operative society is or appears to be entitled and shall take such steps as he may deem necessary or expedient to prevent loss or deterioration of, or damage to, such property, effects and claims and he may carry on the business of the multi-State co-operative society so far as may be necessary with the previous approval of the Central Registrar. (3) Where an appeal is preferred under clause (1) of sub-section (1) of section 99, an order for the winding up of a multi-State co-operative society made under section 86 shall not operate thereafter until the order is confirmed in appeal: Provided that the liquidator shall continue to.....
View Complete Act List Judgments citing this sectionKarnataka Co-operative Societies Act, 1959 Chapter X
Title: Winding Up and Dissolution of Co-operative Societies
State: Karnataka
Year: 1959
..... ___________________________ 1. Inserted by Act 39 of 1975 w.e.f. 23.9.1975. Section 73 - Liquidator (1) Where the Registrar has made an order under section 72 for the winding up of a co-operative society, he may appoint a Liquidator for the purpose and fix his remuneration. (2) A Liquidator shall, on appointment, take into his custody or under his control all the property, effects and actionable claims to which the society is or appears to be entitled and shall take such steps as he may deem necessary or expedient, to prevent loss or deterioration of, or damage to such property, effects and claims. (3) Where an appeal is preferred under section 106, an order of winding up of a co-operative society made under section 72 shall not operate thereafter until the order is confirmed in appeal: Provided that the Liquidator shall continue to have custody or control of the property, effects and actionable claims mentioned in sub-section (2) and have authority to take the steps referred to in that sub-section. (4) Where an order of winding up of a co-operative society is set asidein appeal, the property, effects and actionable claims of the society shall revest in the.....
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