Section 587 - Suits, etc., stayed on winding up order. - Companies Act, 1956

Suits, etc., stayed on winding up order. 587. Where an order has been made for winding up an unregistered company, no suit or other legal proceeding shall be proceeded with or commenced against any contributory of the company in respect of any debt of the company, except by leave of the [1] [Tribunal] and except on such terms as the 1[Tribunal] may impose. --------------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w,e,f a date yet to be notified.