The Companies Act, 2013
Part I- Companies Authorised to Register under this Act
Section 370: Continuation of pending legal proceedings.
*370. All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:
Provided that execution shall not issue against the property or persons of any individual member of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company 1[in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016].
|Notification No.||Notification Date||w.e.f.||Provisions brought into force|
|S.O. 902(E)||26-03-2014||01-04-2014||Section 370 [Except the proviso]|
|S.O. 3677(E)||07-12-2016||15-12-2016||The proviso|
1. Inserted by the Eleventh Schedule (Sec. 255) to the Insolvency and Bankruptcy Code, 2016, w.e.f. 15.11.2016[S.O. 3453(E) dated 15.11.2016].
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