Saving of pending winding-up proceedings preserves pre-Act winding-up while imposing a defined payment mechanism for liquidation receipts. Section 647 preserves winding up commenced before the Act so that such cases continue as if the Act had not been passed, while subsection seven of the liquidation provisions applies to moneys paid into the Companies Liquidation Account whether before or after commencement. A proviso requires that, in proceedings pending at the commencement of the amendment, certain supplementary provisions apply as far as may be, and the court appointed liquidator shall, as prescribed by the Central Government, pay moneys received into the public account of India in the Reserve Bank.