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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Tribunal's Role in Winding-Up: Settling Contributories and Asset Distribution Under Section 467 of Companies Act, 1956.</h1> Section 467 of the Companies Act, 1956, mandates that after a winding-up order, the Tribunal must settle a list of contributories and may rectify the register of members if needed. The Tribunal is responsible for collecting and applying the company's assets to discharge its liabilities. If the Tribunal deems it unnecessary to make calls or adjust contributories' rights, it can forgo settling the list. In this process, the Tribunal must differentiate between contributories acting on their own behalf and those representing others or liable for others' debts.
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