Section 370 Continuation of pending legal proceedings
- Amendments
- 1
- Last changed
- 15 November 2016
370. Continuation of pending legal proceedings.—
All suits and other legal proceedings taken by or against the company, or any public officer or memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:
Provided that execution shall not issue against the property or persons of any individual memberDefined in section 2(55): member, in relation to a company, means the subscriber to the memorandum entered in the register of members, every other person who agrees in writing to become a member and is entered in the register of members, and every person holding shares whose name is entered as a beneficial owner in depository records. of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company Inserted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).