Companies Act, 1956
Section - 523 - [OMITTED BY THE COMPANIES (SECOND AMENDMENT) ACT, 2002 , W.E.F. A DATE YET TO BE NOTIFIED]
Effect of petition for winding up subject to supervision.523. [Omitted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified.] 79. Prior to their omission, sections 522, 523 and 524 [as amended by the Companies (Amendment) Act, 1960] read as under : "522. Power to order winding up subject to supervision.—At any time after a company has passed a resolution for voluntary winding up, the Court may make an order that the voluntary winding up shall continue, but subject to such supervision of the Court, and with such liberty for creditors, contributories or others to apply to the Court, and generally on such terms and conditions, as the Court thinks just. 523. Effect of petition for winding up subject to supervision.—A petition for the continuance of a voluntary winding up subject to the supervision of the Court shall, for the purpose of giving jurisdiction to the Court over suits and legal proceedings, be deemed to be a petition for winding up by the Court.Google Play store
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