Amended and updated notes on section 372 of Companies Act 2013. Detail discussion on provisions and rules related to power of Court to stay or restrain proceedings.
Chapter XXI PART-1 (Section 366–374) of the Companies Act, 2013 (CA 2013) deals with the provisions related to companies authorised to register under this Act. Section 372 of CA 2013 provides for power of Court to stay or restrain proceedings.
Recently, we have discussed in detail section 371 (Effect of registration under this Part) of CA 2013. Today, we learn the provisions of section 372 of the Companies Act 2013.
The provisions of section 372 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 372 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. | XXI (PART-I) |
| Chapter Name | Companies Authorised to Register under this Act |
| Section No. | 372 |
| Section Name | Power of Court to stay or restrain proceedings |
| Monthly Updated Edition | Company Law PDF |
Section 372 of Companies Act 2013: Power of Court to stay or restrain proceedings
Section 372 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
The provisions of this Act or of the Insolvency and Bankruptcy Code, 2016, as the case may be, with respect to staying and restraining suits and other legal proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributory of the company.