The Companies Act

Debts of all descriptions to be admitted to proo

Application of insolvency rules in winding up of insolvent companies

Overriding preferential payments

Preferential payments

Fraudulent preferenc

Transfers not in good faith to be voi

Certain transfers to be void

Liabilities and rights of certain persons fraudulently preferred

Effect of floating charge

Disclaimer of onerous property

Transfers, etc., after commencement of winding up to be void

Certain attachments, executions, etc., in winding up by Tribunal to be voi

Offences by officers of companies in liquidation

Penalty for frauds by officers

Liability where proper accounts not kep

Liability for fraudulent conduct of busines

Power of Tribunal to assess damages against delinquent directors, et

Liability under sections 339 and 340 to extend to partners or directors in firms or companie

Prosecution of delinquent officers and members of company

Company Liquidator to exercise certain powers subject to sanction

Statement that company is in liquidation

Books and papers of company to be evidence

Inspection of books and papers by creditors and contributories

Disposal of books and papers of compan

Information as to pending liquidations

Official Liquidator to make payments into public account of India

Company Liquidator to deposit monies into scheduled ban

Liquidator not to deposit monies into private banking account

Company Liquidation Dividend and Undistributed Assets Accoun

Liquidator to make returns, etc

Meetings to ascertain wishes of creditors or contributorie

Court, tribunal or person, etc., before whom affidavit may be sworn

Power of Tribunal to declare dissolution of company void

Commencement of winding up by Tribunal

Exclusion of certain time in computing period of limitation


PART III.--Provisions applicable to every mode of winding up


 Where a declaration under section 339 or an order under section 340 is made in respect of a
firm or body corporate, the Tribunal shall also have power to make a declaration under section 339, or
pass an order under section 340, as the case may be, in respect of any person who was at the relevant time
a partner in that firm or a director of that body corporate.

LAWGIST

# 341 Liability under sections 339 and 340 to extend to partners or directors in firms or companie