Amended and updated notes on section 324 of Companies Act 2013. Detail discussion on provisions and rules related to debts of all descriptions to be admitted to proof.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 324 of CA 2013 provides for debts of all descriptions to be admitted to proof.
Recently, we have discussed in detail section 303 (Appeals from orders made before commencement of Act) of CA 2013. Today, we learn the provisions of section 324 of the Companies Act 2013.
The provisions of section 324 is effective from 15th November, 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 324 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. | 324 |
| Section Name | Debts of all descriptions to be admitted to proof |
| Monthly Updated Edition | Company Law PDF |
Section 324 of Companies Act 2013: Debts of all descriptions to be admitted to proof
Section 324 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
In every winding up (subject, in the case of insolvent companies, to the application in accordance with the provisions of this Act or of the law of insolvency), all debts payable on a contingency, and all claims against the company, present or future, certain or contingent, ascertained or sounding only in damages, shall be admissible to proof against the company, a just estimate being made, so far as possible, of the value of such debts or claims as may be subject to any contingency, or may sound only in damages, or for some other reason may not bear a certain value.