Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 522 of Companies Act 1956, omitted in 2002, allowed court-supervised voluntary winding up with terms for fairness.</h1> Section 522 of the Companies Act, 1956, which was omitted by the Companies (Second Amendment) Act, 2002, allowed a court to order that a company's voluntary winding up proceed under court supervision. This provision enabled the court to impose terms and conditions deemed just, allowing creditors and other interested parties to apply to the court during the process. The section provided a mechanism for judicial oversight to ensure fairness and protect the interests of stakeholders during the winding up of a company.
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