Lawgist328Fraudulent preferenc
(1) Where a company has given preference to a person who is one of the creditors of the company or a surety or guarantor for any of the debts or other liabilities of the company, and the company does anything or suffers anything done which has the effect of putting that person into a position which, in the event of the company going into liquidation, will be better than the position he would have been in if that thing had not been done prior to six months of making winding up application, the Tribunal, if satisfied that, such transaction is a fraudulent preference may order as it may think fit for restoring the position to what it would have been if the company had not given that preference.
(2) If the Tribunal is satisfied that there is a preference transfer of property, movable or immovable, or any delivery of goods, payment, execution made, taken or done by or against a company within six months before making winding up application, the Tribunal may order as it may think fit and may declare such transaction invalid and restore the position.
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- 324 Debts of all descriptions to be admitted to proo
- 325 Application of insolvency rules in winding up of insolvent companies
- 326 Overriding preferential payments
- 327 Preferential payments
- 328 Fraudulent preferenc
- 329 Transfers not in good faith to be voi
- 330 Certain transfers to be void
- 331 Liabilities and rights of certain persons fraudulently preferred
- 332 Effect of floating charge
- 333 Disclaimer of onerous property
- 334 Transfers, etc., after commencement of winding up to be void
- 335 Certain attachments, executions, etc., in winding up by Tribunal to be voi
- 336 Offences by officers of companies in liquidation
- 337 Penalty for frauds by officers
- 338 Liability where proper accounts not kep
- 339 Liability for fraudulent conduct of busines
- 340 Power of Tribunal to assess damages against delinquent directors, et
- 341 Liability under sections 339 and 340 to extend to partners or directors in firms or companie
- 342 Prosecution of delinquent officers and members of company
- 343 Company Liquidator to exercise certain powers subject to sanction
- 344 Statement that company is in liquidation
- 345 Books and papers of company to be evidence
- 346 Inspection of books and papers by creditors and contributories
- 347 Disposal of books and papers of compan
- 348 Information as to pending liquidations
- 349 Official Liquidator to make payments into public account of India
- 350 Company Liquidator to deposit monies into scheduled ban
- 351 Liquidator not to deposit monies into private banking account
- 352 Company Liquidation Dividend and Undistributed Assets Accoun
- 353 Liquidator to make returns, etc
- 354 Meetings to ascertain wishes of creditors or contributorie
- 355 Court, tribunal or person, etc., before whom affidavit may be sworn
- 356 Power of Tribunal to declare dissolution of company void
- 357 Commencement of winding up by Tribunal
- 358 Exclusion of certain time in computing period of limitation
