Amended and updated notes on section 468 of Companies Act 2013. Detail discussion on provisions and rules related to powers of Central Government to make rules relating to winding up.
Chapter XXIX (Sections 447–470) of the Companies Act, 2013 (CA 2013) deals with the provisions related to miscellaneous. Section 468 of CA 2013 provides for powers of Central Government to make rules relating to winding up.
Recently, we have discussed in detail section 467 (Power of Central Government to amend Schedules) of CA 2013. Today, we learn the provisions of section 468 of the Companies Act 2013.
The provisions of section 468 are effective from 12th September, 2013. You may refer Notification No. S.O. 2754(E) dated 12-09-2013. In this article, you will learn detail of the provisions of section 468 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. | XXIX |
| Chapter Name | Miscellaneous |
| Section No. | 468 |
| Section Name | Powers of CG to make rules relating to winding up |
| Monthly Updated Edition | Company Law PDF |
Section 468 of Companies Act 2013: Powers of Central Government to make rules relating to winding up
Section 468 shall come into force on 12th September, 2013 vide Notification No. S.O. 2754(E) dated 12.09.2013.
(1) The Central Government shall, make rules consistent with the Code of Civil Procedure, 1908 providing for all matters relating to the winding up of companies, which by this Act, are to be prescribed, and may make rules providing for all such matters, as may be prescribed.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely: —
- (i) as to the mode of proceedings to be held for winding up of a company by the Tribunal under this Act;
- (ii) for the holding of meetings of creditors and members in connection with proceedings under section 230;
- (iii) for giving effect to the provisions of this Act as to the reduction of the capital;
- (iv) generally for all applications to be made to the Tribunal under the provisions of this Act;
- (v) the holding and conducting of meetings to ascertain the wishes of creditors and contributories;
- (vi) the settling of lists of contributories and the rectifying of the register of members where required, and collecting and applying the assets;
- (vii) the payment, delivery, conveyance, surrender or transfer of money, property, books or papers to the liquidator;
- (viii) the making of calls; and
- (ix) the fixing of a time within which debts and claims shall be proved.
[Sub-rule (2) of section 468 substituted pursuant to section 255 of the Insolvency and Bankruptcy Code, 2016 vide Notification No. S.O. 3453(E) issued dated 15.11.2016]
(3) All rules made by the Supreme Court on the matters referred to in this section as it stood immediately before the commencement of this Act and in force at such commencement, shall continue to be in force, till such time the rules are made by the Central Government and any reference to the High Court in relation to winding up of a company in such rules shall be construed as a reference to the Tribunal.