TMI BlogAMENDMENTS TO THE COMPANIES ACT, 2013 (18 OF 2013)X X X X Extracts X X X X X X X X Extracts X X X X ..... the words and figures commits a default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016, in respect of the amount of his debt or claim, shall be substituted. 4. In section 77, in sub-section (3), after the words the liquidator , the words and figures appointed under this Act or the Insolvency and Bankruptcy Code, 2016, as the case may be, shall be inserted. 5. In section 117, in sub-section (3), in clause (f), for the word and figures section 304 , the words and figures section 59 of the Insolvency and Bankruptcy Code, 2016 shall be substituted. 6. In section 224, in sub-section (2), after the words wound up under this Act , the words and figures or under the Insolvency and Bankruptcy Code, 2016 shall be inserted. 7. In section 230,- (a) in sub-section (1), after the word liquidator , the words and figures appointed under this Act or under the Insolvency and Bankruptcy Code, 2016, as the case may be, shall be inserted; (b) in sub-section (6), after the word on the liquidator , the words and figures appointed under this Act or under the Insolvency and Bankruptcy Code, 2016, as the case may be, shall be inserted; 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titled to present a petition for the winding up of a company, notwithstanding that he may be the holder of fully paid-up shares, or that the company may have no assets at all or may have no surplus assets left for distribution among the shareholders after the satisfaction of its liabilities, and shares in respect of which he is a contributory or some of them were either originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him through the death of a former holder. (3) The Registrar shall be entitled to present a petition for winding up under section 271, except on the grounds specified in clause (a) or clause (e) of that sub-section: Provided that the Registrar shall obtain the previous sanction of the Central Government to the presentation of a petition: Provided further that the Central Government shall not accord its sanction unless the company has been given a reasonable opportunity of making representations. (4) A petition presented by the company for winding up before the Tribunal shall be admitted only if accompan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;s portion in his security (if payable under the law), whichever is less, pari passu with the workmen's dues: Provided that in case of the winding up of a company, the sums referred to in sub-clauses (i) and (ii) of clause (b) of the Explanation, which are payable for a period of two years preceding the winding up order or such other period as may be prescribed, shall be paid in priority to all other debts (including debts due to secured creditors), within a period of thirty days of sale of assets and shall be subject to such charge over the security of secured creditors as may be prescribed. (2) The debts payable under the proviso to sub-section (1) shall be paid in full before any payment is made to secured creditors and thereafter debts payable under that sub-section shall be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions. Explanation . -For the purposes of this section, and section 327- (a) workmen'', in relation to a company, means the employees of the company, being workmen within the meaning of clause (s) of section 2 of the Industrial Disputes Act, 1947 (14 of 1947) (b) workm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be applicable in the event of liquidation under the Insolvency and Bankruptcy Code, 2016. ; (b) in the Explanation, for clause (c), the following clause shall be substituted, namely :- (c) the expression relevant date means in the case of a company being wound up by the Tribunal, the date of appointment or first appointment of a provisional liquidator, or if no such appointment was made, the date of the winding up order, unless, in either case, the company had commenced to be wound up voluntarily before that date under the Insolvency and Bankruptcy Code, 2016; . 20. For section 329, the following section shall be substituted, namely: - 329. Transfers not in good faith to be void.- Any transfer of property, movable or immovable, or any delivery of goods, made by a company, not being a transfer or delivery made in the ordinary course of its business or in favour of a purchaser or encumbrancer in good faith and for valuable consideration, if made within a period of one year before the presentation of a petition for winding up by the Tribunal under this Act shall be void against the Company Liquidator. . 21. For section 334, the following section shall be subs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... books and papers of such company and those of the Company Liquidator may be disposed of in such manner as the Tribunal directs. 27. In section 348, for sub-section (1), the following sub-section shall be substituted, namely- (1) If the winding up of a company is not concluded within one year after its commencement, the Company Liquidator shall, unless he is exempted from so doing, either wholly or in part by the Central Government, within two months of the expiry of such year and thereafter until the winding up is concluded, at intervals of not more than one year or at such shorter intervals, if any, as may be prescribed, file a statement in such form containing such particulars as may be prescribed, duly audited, by a person qualified to act as auditor of the company, with respect to the proceedings in, and position of, the liquidation, with the Tribunal: Provided that no such audit as is referred to in this sub-section shall be necessary where the provisions of section 294 apply . 28. For section 357, the following section shall be substituted, namely:- 357. Commencement of winding up by Tribunal.- The winding up of a company by the Tribunal under this Act sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1) On such date as may be notified by the Central Government in this behalf,- (a) all matters, proceedings or cases pending before the Board of Company Law Administration (herein in this section referred to as the Company Law Board) constituted under sub-section (1) of section 10E of the Companies Act, 1956, immediately before such date shall stand transferred to the Tribunal and the Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act; (b) any person aggrieved by any decision or order of the Company Law Board made before such date may file an appeal to the High Court within sixty days from the date of communication of the decision or order of the Company Law Board to him on any question of law arising out of such order: Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and (c) all proceedings under the Companies Act, 1956, including proceedings relating to arbitration, compromise, arrangements and reconstruction and winding up of companies, pendin ..... 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