Section - 469 - Companies Act, 1956

Section - 469 - Payment of debts due by contributory and extent of set-off

Payment of debts due by contributory and extent of set-off.

469. (1) The

[Tribunal] may, at any time after making a winding up order, make an order on any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Act.

(2) The

[Tribunal], in making such an order, may—

(a) in the case of an unlimited company, allow to the contributory, by way of set-off, any money due to him or to the estate which he represents, from the company, on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and

(b) .... To read the full section download the app from Google Play store