Tribunal power to hold company officers liable enables restitution and compensation orders during winding up. Tribunal may, on application by the Official Liquidator, Company Liquidator, or any creditor or contributory, inquire into conduct of promoters, directors, managers, Company Liquidators or officers who have misapplied, retained, or become accountable for company money or property, or been guilty of misfeasance or breach of trust, and order repayment or restoration, interest as considered just, or contribution by way of compensation to company assets; applications must be made within five years from the winding up order, first appointment of the Company Liquidator, or the wrongful act, whichever is longer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tribunal power to hold company officers liable enables restitution and compensation orders during winding up.
Tribunal may, on application by the Official Liquidator, Company Liquidator, or any creditor or contributory, inquire into conduct of promoters, directors, managers, Company Liquidators or officers who have misapplied, retained, or become accountable for company money or property, or been guilty of misfeasance or breach of trust, and order repayment or restoration, interest as considered just, or contribution by way of compensation to company assets; applications must be made within five years from the winding up order, first appointment of the Company Liquidator, or the wrongful act, whichever is longer.
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