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of <h1>Section 370: Pending Suits Continue Against Company, But Members' Assets Protected; Remedy Lies in Winding Up Proceedings</h1> Section 370 provides that all suits and legal proceedings involving a company, its public officers, or members, which are pending at the time of its registration under the Act, may continue as if registration had not occurred. However, no execution can be levied against the property or person of any individual member based on decrees or orders from such proceedings. If the company's assets are insufficient to satisfy the decree or order, the appropriate remedy is to seek an order for winding up the company in accordance with the Companies Act or the Insolvency and Bankruptcy Code, 2016.
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