Companies Act, 2017

PART-X

PROVISIONS APPLICABLE TO EVERY VOLUNTARY WINDING UP

From: 2023-11-01 - To: 0000-00-00 372. Powers and duties of liquidator in voluntary winding up.- (1) The liquidator may- (a) in the case of a members’ voluntary winding up, with the sanction of a special resolution of the company, and, in the case of a creditors’ voluntary winding up, of a meeting of the creditors, exercise any of the powers given by sub-section (1) of section 337 to a liquidator in a winding up by the Court; (b) without the sanction referred to in clause (a), exercise any of the other powers given by this Act to the liquidator in a winding up by the Court; (c) exercise the power of the Court under this Act of settling a list of contributories, which shall be prirna facie evidence of the liabilities of the persons named therein to be contributories; (d) exercise the powers of the Court of making calls; (e) summon general meeting of the company and creditors for the purpose of obtaining the sanction of the company by special resolution or for any other purpose he may think fit. (2) The exercise by the liquidator of the powers given by clause (a) of sub- section (1) shall be subject to the control of the Court; and any creditor or contributory may apply to the Court with respect to any exercise or proposed exercise of any of the power conferred by this section. (3) The liquidator shall pay the debts of the company and shall adjust the rights of the contributories among themselves. (4) The liquidator shall within thirty days of the coming into his hands of any funds sufficient to distribute among the creditors or contributories after providing for expenses of the winding up or for other preferential payments as provided in this Act, distribute in accordance with the provisions of this Act: Provided that in case of company licenced under section 42 of this Act, if on a winding up, there remains after the satisfaction of all debts and liabilities, any assets, those shall be transferred to another company licenced under section 42 of this Act, preferably having similar or identical objects to those of the company in the manner as may be specified: Provided further that such portion of the funds as may be required for meeting any claim against the…