Section 372 of the Companies Act, 2013: Power of Court to stay or restrain proceedings

The Companies Act, 2013

Chapter– XXI

Part I- Companies Authorised to Register under this Act

Section 372: Power of Court to stay or restrain proceedings.

*372. The provisions of this Act 1[or of the Insolvency and Bankruptcy Code, 2016, as the case may be,] with respect to staying and restraining suits and other legal proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributory of the company.


Reference

*Effective from 15.12.2016.

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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