Section 377: Provisions of Chapter cumulative
This section is for clarifying how the rules in this part about unregistered companies work together with other rules in the Act.
The section, clause by clause
What the section says
In plain terms
(1)The provisions of this Part, with respect to unregistered companies shall be in addition to and not in derogation of, any provisions hereinbefore in this Act contained with respect to the winding up of companies by the Tribunal.
The rules in this part about unregistered companies are extra rules that do not replace any other rules in the Act about winding up companies.
(2)The Tribunal or Official Liquidator may exercise any powers or do any act in the case of unregistered companies which might be exercised or done by the Tribunal or Official Liquidator in winding up of companies formed and registered under this Act:
The Tribunal or Official Liquidator can use any powers or take any actions for unregistered companies that they could use for registered companies, but an unregistered company is only considered a company when it is being wound up and only for the purposes of this part.
provisoProvided that an unregistered company shall not, except in the event of its being wound up, be deemed to be a company under this Act, and then only to the extent provided by this Part.
The right-hand column is written from the section text, not quoted from it, and it has no legal force. Where the two differ, the left-hand column is the law.
Amendment notes
- 1. Ins. by Act 29 of 2020, s. 52 (w.e.f. 11-2-2021).
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Reproduced from the official India Code print for reference. Check the current text on India Code before you rely on it, and read the section alongside its Rules. Nothing here is legal advice.