Amended and updated notes on section 429 of Companies Act 2013. Detail discussion on provisions and rules related to power to seek assistance of Chief Metropolitan Magistrate, etc..
Chapter XXVII (Sections 407–434) of the Companies Act, 2013 (CA 2013) deals with the provisions related to National Company Law Tribunal and Appellate Tribunal i.e. NCLT and NCLAT. Section 429 of CA 2013 provides for power to seek assistance of Chief Metropolitan Magistrate, etc..
Recently, we have discussed in detail section 428 (Protection of action taken in good faith) of CA 2013. Today, we learn the provisions of section 429 of the Companies Act 2013.
The provisions of section 429 are effective from 1st June, 2016. You may refer Notification No. S.O. 1934(E) dated 1-06-2016. In this article, you will learn detail of the provisions of section 429 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. | XXVII |
| Chapter Name | National Company Law Tribunal and Appellate Tribunal |
| Section No. | 429 |
| Section Name | Power to seek assistance of Chief Metropolitan Magistrate, etc. |
| Monthly Updated Edition | Company Law PDF |
Section 429 of Companies Act 2013: Power to seek assistance of Chief Metropolitan Magistrate, etc.
Section 429 shall come into force on 1st June, 2016 vide Notification No. S.O. 1934(E) issued dated 01.06.2016.
(1) The Tribunal may, in any proceedings for winding up of a company under this Act or in any proceedings under the Insolvency and Bankruptcy Code, 2016, in order to take into custody or under its control all property, books of account or other documents, request, in writing, the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector within whose jurisdiction any such property, books of account or other documents of such company under this Act or of corporate persons under the said Code, are situated or found, to take possession thereof, and the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector, as the case may be, shall, on such request being made to him,—
- (a) take possession of such property, books of account or other documents; and
- (b) cause the same to be entrusted to the Tribunal or other persons authorised by it.
[Sub-section (1) of section 428 was substituted pursuant to section 255 of the Insolvency and Bankruptcy Code, 2016 vide Notification No. S.O. 3453(E) issued dated 15.11.2016]
(2) For the purpose of securing compliance with the provisions of sub-section (1), the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector may take or cause to be taken such steps and use or cause to be used such force as may, in his opinion, be necessary.
(3) No act of the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector done in pursuance of this section shall be called in question in any court or before any authority on any ground whatsoever.