LawgistThe Companies Act
372Power of Court to stay or restrain proceeding
The provisions of this Act 1[or of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), as the case may be,] with respect to staying and restraining suits and other legal proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributory of the company.
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1. The proviso ins. by Act 31 of 2016, s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).
PARTI.--Companies authorised to Register under this Act
- 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
