Section 518 – The Companies Act,1956

The Companies Act, 1956

518. Power to apply to Tribunal to have questions determined or powers exercised..

1[518. Power to apply to Tribunal to have questions determined or powers exercised.(1) The liquidator or any contributory or creditor may apply to the Tribunal,

(a)to determine any question arising in the winding up of a company; or

(b)to exercise, as respects the enforcing of calls, the staying of proceedings or any other matter, all or any of the powers which the Tribunal might exercise if the company were being wound up by the Tribunal.

(2) The liquidator or any creditor or contributory may apply to the Tribunal for an order setting aside any attachment, distress or execution put into force against the estate or effects of the company after the commencement of the winding up.

(3) The Tribunal, if satisfied on an application under sub-section (1) or sub-section (2) that the determination of the question or the required exercise of power or the order applied for will be just and beneficial, may accede wholly or partially to the application on such terms and conditions as it thinks fit, or may make such other order on the application as it thinks just.

(4) A copy of an order staying the proceedings in the winding up, made by virtue of this section, shall forthwith be forwarded by the company, or otherwise as may be prescribed, to the Registrar, who shall make a minute of the order in his books relating to the company.]

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1. Subs. by Act 11 of 2003, sec. 92, for section 518.

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