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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Handling Property in Winding Up: Section 588 Empowers Liquidators to Manage and Recover Unregistered Companies' Assets During Liquidation.</h1> Section 588 of the Companies Act, 1956, addresses the handling of property during the winding up of unregistered companies. If such a company cannot sue or be sued in its name, or if deemed necessary, the Tribunal can order that the company's property, whether movable or immovable, be vested in the Official Liquidator. The Liquidator, upon providing any required indemnity, may initiate or defend legal proceedings in their official capacity to facilitate the company's winding up and property recovery. This provision ensures orderly management and resolution of the company's assets during liquidation.
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