Voluntary winding up continuity: proceedings with notice under section 485(1) 1956 remain governed by the 1956 Act. Proceedings for voluntary winding up where notice of the resolution by advertisement under section 485(1) of the Companies Act, 1956 has been given but the company was not dissolved before 1 April 2017 shall continue to be dealt with in accordance with the Companies Act, 1956 and the Companies (Court) Rules, 1959. The Order amends clause (c) of sub section (1) of section 434 of the Companies Act, 2013 to insert this proviso, addressing transitional difficulties from the Insolvency and Bankruptcy Code regarding liquidator qualifications and dissolution procedures.
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Voluntary winding up continuity: proceedings with notice under section 485(1) 1956 remain governed by the 1956 Act.
Proceedings for voluntary winding up where notice of the resolution by advertisement under section 485(1) of the Companies Act, 1956 has been given but the company was not dissolved before 1 April 2017 shall continue to be dealt with in accordance with the Companies Act, 1956 and the Companies (Court) Rules, 1959. The Order amends clause (c) of sub section (1) of section 434 of the Companies Act, 2013 to insert this proviso, addressing transitional difficulties from the Insolvency and Bankruptcy Code regarding liquidator qualifications and dissolution procedures.
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