Amended and updated notes on section 296 of Companies Act 2013. Detail discussion on provisions and rules related to power of Tribunal to make calls.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 296 of CA 2013 provides for power of Tribunal to make calls.
Recently, we have discussed in detail section 295 (Payment of debts by contributory and extent of set-off) of CA 2013. Today, we learn the provisions of section 296 of the Companies Act 2013.
The provisions of section 296 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 296 the Companies Act 2013.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XX |
| Chapter Name | Winding Up |
| Section No. | 296 |
| Section Name | Power of Tribunal to make calls |
| Monthly Updated Edition | Company Law PDF |
Section 296 of Companies Act 2013: Power of Tribunal to make calls
Section 296 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company, —
- (a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves; and
- (b) make an order for payment of any calls so made.