Power to seize company property permits written requests for custody and transfer to insolvency authority with finality. The Tribunal may request in writing the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector to take possession of any company property, books of account or other documents for winding up or insolvency proceedings, and those officials must take possession and entrust the items to the Tribunal or authorised persons; they may take necessary steps and use such force as considered necessary, and acts done in pursuance of the section cannot be called in question in any court or before any authority.
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.
Power to seize company property permits written requests for custody and transfer to insolvency authority with finality.
The Tribunal may request in writing the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector to take possession of any company property, books of account or other documents for winding up or insolvency proceedings, and those officials must take possession and entrust the items to the Tribunal or authorised persons; they may take necessary steps and use such force as considered necessary, and acts done in pursuance of the section cannot be called in question in any court or before any authority.
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