Section 468 - Powers of Central Government to make rules relating to winding up

Rulemaking power for company winding up governs procedural, asset and creditor verification rules and transitional court references.

The Central Government may make rules, consistent with the Code of Civil Procedure, providing for all matters relating to the winding up of companies that this Act requires or permits, including procedural rules for Tribunal winding up, holding creditor and member meetings, effecting capital reduction, applications to the Tribunal, ascertaining wishes of creditors and contributories, settling contributory lists and member registers, collecting and applying assets, transfer of company property and records to the liquidator, making calls, and fixing time limits for proving debts and claims; existing Supreme Court rules remain until replaced and references to the High Court are read as to the Tribunal.