Amended and updated notes on section 373 of Companies Act 2013. Detail discussion on provisions and rules related to suits stayed on winding up order.
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 373 of CA 2013 provides for suits stayed on winding up order.
Recently, we have discussed in detail section 372 (Power of Court to stay or restrain proceedings) of CA 2013. Today, we learn the provisions of section 373 of the Companies Act 2013.
The provisions of section 373 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 373 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. | 373 |
| Section Name | Suits stayed on winding up order |
| Monthly Updated Edition | Company Law PDF |
Section 373 of Companies Act 2013: Suits stayed on winding up order
Section 373 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
Where an order has been made for winding up, or a provisional liquidator has been appointed for, a company registered in pursuance of this Part, no suit or other legal proceeding shall be proceeded with or commenced against the company or any contributory of the company in respect of any debt of the company, except by leave of the Tribunal and except on such terms as the Tribunal may impose.