Continuation 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”].
Note:
* Proviso has been notified as on 15/12/2016.
Amendment
1. (a) Inserted byInsolvency and Bankruptcy Code, 2016 Dated 15th November, 2016
(b) The MCA Notification No. F.O. 3453(E) Dated 15th November, 2016, enforcing the related sections of Insolvency and Bankruptcy Code, 2016
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