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Contract validity despite non-compliance: company remains liable but cannot initiate suits or counterclaims until compliance. Failure to comply with the Chapter does not affect the validity of contracts or the company's liability to be sued, but the company cannot bring any suit, claim any set-off, make any counter claim or institute any legal proceeding in respect of such contracts, dealings or transactions until it complies with the provisions of the Act applicable to it.
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<h1>Contract validity despite non-compliance: company remains liable but cannot initiate suits or counterclaims until compliance.</h1> Failure to comply with the Chapter does not affect the validity of contracts or the company's liability to be sued, but the company cannot bring any suit, claim any set-off, make any counter claim or institute any legal proceeding in respect of such contracts, dealings or transactions until it complies with the provisions of the Act applicable to it.