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of <h1>Pending Winding-Up Proceedings: Section 647 of Companies Act 1956 on Handling Funds and Applicable Provisions</h1> Section 647 of the Companies Act, 1956 addresses the handling of pending winding-up proceedings initiated before the Act's commencement. It stipulates that sub-section (7) of section 555 applies to any funds deposited into the Companies Liquidation Account, regardless of timing. Other winding-up provisions of the Act do not apply, and the company will be wound up as if the Act had not been enacted. However, if proceedings are pending at the commencement of the Companies (Amendment) Act, 1960, sections 463, 502, 515, and 524 apply, and the liquidator must deposit received funds into the public account of India at the Reserve Bank of India.
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