Section 468: Powers of Central Government to make rules relating to winding up
This section is for granting the Central Government the power to make rules related to the winding up of companies.
The section, clause by clause
What the section says
In plain terms
(1)The Central Government shall, make rules consistent with the Code of Civil Procedure, 1908 (5 of 1908) providing for all matters relating to the winding up of companies, which by this Act, are to be prescribed, and may make rules providing for all such matters, as may be prescribed.
The Central Government will make rules for winding up companies that are consistent with the Code of Civil Procedure, 1908, and cover all matters required by this Act.
(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:—
(2)(i)as to the mode of proceedings to be held for winding up of a company by the Tribunal under this Act;
(2)(ii)for the holding of meetings of creditors and members in connection with proceedings under section 230;
(2)(iii)for giving effect to the provisions of this Act as to the reduction of the capital;
(2)(iv)generally for all applications to be made to the Tribunal under the provisions of this Act;
(2)(v)the holding and conducting of meetings to ascertain the wishes of creditors and contributories;
(2)(vi)the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets;
(2)(vii)the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;
(2)(viii)the making of calls; and
(2)(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 it stood 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.
Rules made by the Supreme Court before the commencement of this Act will remain in force until the Central Government makes new rules, and any references to the High Court will be considered as references to the Tribunal.
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. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (2) (w.e.f. 15-11-2016).
This section refers to
Search the whole Act, or ask it a question, in the interactive browser.
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.