Lawgist370Continuation of pending legal proceedings
All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:
Provided that execution shall not issue against the property or persons of any individual member of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company 1[in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016 (31 of 2016)].
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1. Ins. by Act 31 of 2016, s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).
- 366 Companies capable of being registere
- 367 Certificate of registration of existing companie
- 368 Vesting of property on registration
- 369 Saving of existing liabilitie
- 370 Continuation of pending legal proceedings
- 371 Effect of registration under this Part
- 372 Power of Court to stay or restrain proceeding
- 373 Suits stayed on winding up orde
- 374 Obligations of companies registering under this Par
