Contents

Sections

Particulars

Part I 

General 

1

Short title and commencement

2

Interpretation

3

Proceedings to be neat and legible

4

Form of proceedings

5

Language of proceedings

6

Practice and procedure of the Court and provisions of the Code to apply

7

Power of Court to enlarge or abridge time

8

Computation of time

9

Inherent powers of Court

10

Applications how made

11A

Petitions

11B

Judge’s summons

12

Matters to be heard in open Court and in Chambers

13

Registers to be kept

14

Serial number of proceedings

15

Process to be sealed

16

Inspection and copies of proceedings

17

Forms

18

Affidavits

19

Form of Judge’s summons and service thereof

20

Issue of summons

21

Affidavit verifying petition

22

Enclosures to petition

23

Summons for directions

24

Advertisement of petition

25

Contents of advertisement

26

Service of petition

27

Notice of petition and time of service

28

Service on company

29

Petitioner to effect service

30

Affidavit of service

31

Procedure on default of compliance as regards advertisement and service of notice

32

Mode of service and service when deemed to be effected

33

Validity of service and of proceedings

34

Notice to be given by persons intending to appear at the hearing of petition

35

List of persons, intending to appear, to be filed

36

Procedure at hearing of petition

37

Order to be drawn up

Part II 

Proceedings in matters other than Winding-Up 

38

Form of petition under section 17 and Summons for directions

39

Directions at hearing of summons

40

Notice to Registrar of Companies and Central Government

41

Procedure where creditors are entitled to object

42

Order confirming alteration

43

Petition under section 579

44

Petition for sanctioning the issue of shares at a discount

45

Order sanctioning issue to be delivered to Registrar of Companies

46

Form of petition for reduction of share capital and summons for directions

47

Procedure on hearing of summons

48

Directions at the hearing of summons

49

List of creditors

50

Affidavit verifying list of creditors

51

Inspection of list of creditors

52

Notice to creditors

53

Advertisement of petition and list of creditors

54

Affidavit of service

55

Affidavit by company as to the result of rules 52 and 53

56

Procedure where claim is not admitted, and proof of debt

57

Costs of proof

58

Certificate by the Judge as to creditors

59

Hearing of petition

60

Who may appear and oppose

61

Directions at hearing

62

Order on petition

63

Minute

64

Advertisement of reasons for reduction of capital

65

Form of minute and notice of registration

66

Petition to cancel variation of rights

67

Summons for directions to convene a meeting

68

Service on company

69

Directions at hearing of summons

70

Proxies

71

Application for stay

72

Application to vacate or vary order of stay

73

Notice of meeting

74

Advertisement of the notice of meeting

75

Copy of compromise or arrangement to be furnished by the company

76

Affidavit of service

77

Result of the meeting to be decided by poll

78

Report of the result of the meeting

79

Petition for confirming compromise or arrangement

80

Date and notice of hearing

81

Order on petition

82

Application for directions under section 394

83

Directions at hearing of applications

84

Order under section 394

85

Compromise or arrangement involving reduction of capital

86

Report on working of compromise or arrangement

87

Liberty to apply

88

Petition under section 397 or 398

89

Notice to Central Government

90

Order involving reduction of capital or alteration of memorandum

91

Application under section 407(1)(b) for leave to act as managing director, etc.

92

Notice to Registrar of Companies

93

Delivery of order and advertisement thereof

94

Registrar’s costs of petition

Part III 

Winding-Up 

95

Petition for winding-up

96

Admission of petition and directions as to advertisement

97

Petition by a contingent or prospective creditor

98

Copy of petition to be furnished

99

Advertisement of petition

100

Application for leave to withdraw petition

101

Substitution of creditor or contributory for original petitioner

102

Procedure on substitution

103

Affidavit in opposition

104

Affidavit in reply

105

Stay of suit or proceeding pending petition

106

Appointment of Provisional Liquidator

107

Rules applicable to Provisional Liquidator

108

Costs, etc., of Provisional Liquidator

109

Notice to Official Liquidator of order

110

Contents of winding-up order and order appointing Provisional Liquidator

111

Order to he sent to Official Liquidator and form of order

112

Directions on making the winding-up order

113

Advertisement of the order

114

Official Liquidator to take charge of assets and books and papers of company

115

Form of proceedings after winding-up order is made

116

Application for stay of winding-up proceedings

117

Application for leave to commence or continue suit or proceeding

118

Application for transfer of suit or proceeding

119

Application for transfer

120

Transmission of records upon transfer of proceeding

121

Proceedings to be re-numbered

122

Notice to Official Liquidator

123

Official Liquidator of Transferee Court to be Liquidator

124

Notice to submit statement

125

Application by Official Liquidator under section 454(2)

126

Preparation of statement of affairs

127

Form of the statement

128

Extension of time for submitting statement

129

Expenses of preparing the statement

130

Officers of company to attend and give information

131

Duty of person making or concurring in statement

132

Default in complying with section 454

133

Dispensing with statement of affairs

134

Liquidator in voluntary winding-up or winding-up subject to supervision, to submit statement

135

Preliminary report by Official Liquidator

136

Inspection of statement and preliminary report

137

Further report by Official Liquidator

138

Consideration of report by Court

139

Summons for directions to be taken out by Official Liquidator

140

First meeting of creditors and contributories

141

Official Liquidator to report result of meeting and apply for directions

142

Application for order not to fill vacancy in Committee

143

Liquidator and members of the Committee dealing with company’s assets

144

Committee of Inspection not to make profit

145

Costs of obtaining sanction of Court

146

Order sanctioning payment to Committee

147

Fixing a date for proving debts

148

Notice to creditors

149

Proof of debt

150

Mode of proof and verification thereof

151

Contents of proof

152

Workmen’s wages

153

Production of bills of exchange and promissory notes

154

Value of debts

155

Discount

156

Interest

157

Periodical payments

158

Proof of debt payable at a future time

159

Examination of proof

160

Official Liquidator’s right to summon any person in connection with the investigation

161

Oaths

162

Costs of proof

163

Acceptance or rejection of proof to be communicated

164

Appeal by creditor

165

Procedure where creditor appeals

166

Official Liquidator not to be personally liable for costs

167

Proofs and list of creditors to be filed in Court

168

List of creditors not to be varied

169

Notice of filing the list and inspection of the same

170

Procedure in the District Court regarding proof of claims

171

List of proofs and summons for directions

172

Direction at hearing of summons

173

Notice to be given to creditors

174

Settlement of list of creditors

175

Inspection of the list of creditors and the proofs filed

176

Expunging of proof

177

Procedure on failure to prove the debt within the time fixed

178

Right of creditor who has not proved debt before declaration of dividend

179

Payment of subsequent interest

180

Provisional list of contributories

181

Notice to be given of date of settlement of list

182

Settlement of the list

183

Certificate of final settlement to be filed in Court

184

Notice of settlement to contributories

185

Supplemental list of contributories

186

Variation of the list

187

Application by Official Liquidator for rectification of list

188

Application by contributory to vary the list

189

Official Liquidator not to be personally liable for costs

190

Settlement of the list of contributories in District Courts

191

Notice to be given of date of settlement

192

Settlement of the list

193

Supplemental list of contributories

194

Application for rectification of list

195

List of contributories consisting of past members

196

List of contributories under section 104(1)(b)

197

‘Court meetings’, ‘Liquidator’s meetings’ and ‘Voluntary Liquidation meetings’

198

Application of rules to meetings

199

Notice of meeting

200

Place and time of meeting

201

Notice of first or other meeting to officers of company

202

Proof of notice

203

Costs of calling meetings at the instance of creditor or contributory

204

Chairman of meeting

205

Resolution of creditors’ meeting

206

Resolution on contributories’ meeting

207

Copy of resolution to be filed

208

Non-receipt of notice by a creditor or contributory

209

Adjournments

210

Quorum

211

Procedure in the absence of quorum

212

When creditor can vote

213

Cases to which creditors may not vote

214

When secured creditor can vote

215

Effect of voting by a secured creditor

216

Procedure when secured creditor votes without surrendering security

217

Admission or rejection of proofs for purposes of voting

218

Minutes of proceedings

219

Report of Court meetings

220

Voting by proxies

221

Form of proxies

222

Proxies to Liquidator or Chairman

223

Use of proxies by deputy

224

Forms to be sent with notice

225

Proxi

es to be lodged

226

Holder of proxy not to vote on matter in which he is financially interested

227

Minor not to be appointed proxy

228

Filling in proxy where creditor or contributory is blind or incapable

229

Proxy of person not acquainted with English

230

Attendance at proceedings

231

Representation of creditors and contributories before Court

232

Powers of Official Liquidator

233

Official Liquidator to be in the position of a Receiver

234

Company’s property to be surrendered to Official Liquidator on requisition

235

Calls by the Official Liquidator

236

Official Liquidator to realize uncalled capital

237

Application for leave to make call

238

Notice of application

239

Order granting leave to make a call and document making the call

240

Service of notice of call

241

Order for payment of call

242

Other moneys due by contributories

243

Application for examination under section 477

244

Directions at hearing of summons

245

Examination on commission or by interrogatories

246

Service of the summons

247

Conduct of the examination

248

Notes of the deposition

249

Order for public examination under section 478

250

Notice of public examination

251

Adjournment of public examination to Court

252

Procedure for contumacy Procedure for contumacy

253

Notes of examination

254

Shorthand notes of examination under sections 477 and 478

255

Application under section 478(7)(a)

256

Default in attending examination under section 477 or 478

257

Prison to which person arrested on warrant is to be taken

258

Execution of warrant of arrest outside ordinary jurisdiction of Court

259

Public examination under section 519

260

Applications under section 542 or 543

261

Directions at preliminary hearing of summons

262

Liberty to apply for further directions

263

Application for disclaimer

264

Preliminary hearing of the summons

265

Claimant to furnish statement of his interest

266

Service of notice

267

Order granting leave to disclaim

268

Disclaimer to be filed in Court

269

Vesting of disclaimed property

270

No claim to be compromised or abandoned without sanction of Court

271

Application for sanction of compromise

272

Sale to be subject to sanction and to confirmation by Court

273

Procedure at sale

274

Expenses of sale

275

Declaration of dividend or return of capital

276

Notice of declaration

277

Form of authority to pay dividend

278

Transmission of dividends by post

279

Form of order directing return of capital

280

Payment of dividend or return of capital due to a deceased creditor or contributory

281

Official Liquidator to apply for dissolution

282

Dissolution of the company

283

Liquidator to pay the balance into public account

284

Conclusion of winding-up

285

Application to declare dissolution void

286

Registers and Books to be maintained by the Official Liquidator

287

All moneys to be paid into the Reserve Bank

288

Bills, cheques and securities to be deposited into Bank

289

Payments into Bank under section 471

290

Official Liquidator’s Dividend Account

291

Fees to be credited to Central Government

292

Where the company has no available assets

293

Investment of moneys

294

Official Liquidator to examine the accounts for purposes of investment

295

Investments to be made by the Bank

296

Dividend and interest to be credited

297

Refunds of Income-tax

298

Half-yearly accounts to be filed

299

Form of account

300

Nil account

301

Registrar to send copy of account to the auditor

302

Audit of the Official Liquidator’s accounts

303

Audit certificate to be filed

304

Audit fees

305

Inspection of the account and certificate of audit

306

Account and auditor’s report to be placed before Judge

307

Legal assistance for the Official Liquidator

308

Employment of additional or special staff

309

Apportionment of expenses of common staff

310

Applications under sections 463(2) and 545(3)

311

Annual Statement by the Official Liquidator under section 551

312

Applicability of Rules

313

De

claration of solvency in a members’ voluntary winding-up

314

Statement to be laid before meeting of creditors under section 495(1)

315

Notice of appointment of liquidator

316

Order for winding-up subject to supervision

317

Security by liquidator appointed by Court

318

Limit of remuneration of liquidator

319

Restriction on purchase of goods by liquidator

320

Office of liquidator vacated by his insolvency

321

Resignation of liquidator

322

Duty of liquidator upon resignation

323

Books to be kept by the liquidator

324

Banking account of the liquidator

325

Bills, cheques and securities to be deposited in Bank

326

Investment of surplus funds

327

Liquidator’s statements under section 551

328

Annual statement under sections 496 (1) (b) and 508 (1) (b)

329

Notice convening final meeting and the account to be laid before the meeting

330

Consideration by Court of the statements under section 551 and the final account, in a winding-up subject to the supervision of the Court

331

Returns to Registrar of Companies

332

Inspection by creditor or contributory of statements filed by liquidator

333

Audit of the liquidator’s accounts

334

Applications under section 518

335

Statement to accompany payment

336

Unclaimed dividends or undistributed assets under investment

337

Application by person for payment of money paid into the Companies Liquidation Account

338

Cost and expenses payable out of the assets in a winding-up by the Court

339

Taxation of costs in Bombay, Calcutta and Madras

340

Registrar to be Taxing Officer

341

Costs in the discretion of the Court

342

Costs to be taxed in accordance with the practice and procedure of the Court

343

All proper charges to be allowed

344

Contents of bill of costs

345

Vouchers to be filed

346

Time for lodging bill

347

Bill of costs by advocate or other person employed by Official Liquidator

348

Scale of advocates’ fees

349

Fees in misfeasance proceedings

350

Fees when proceeding is compromised

351

Fees to more than one advocate

352

Costs of parties having common interest

353

Court’s power to fix a fee

354

Reference to Judge in Chambers

355

Allowance to witness

356

Taxation between advocate and client

357

Review of Taxation

358

Appeal against Review

359

Certificate of Taxation

360

Inspection of file

361

Saving of rules under Special Acts

Foot Notes