The Companies Act, 2013
Chapter– XXI
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].
Reference
| 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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