Amended and updated notes on section 370 of Companies Act 2013. Detail discussion on provisions and rules related to continuation of pending legal proceedings.
Chapter XXI PART-1 (Section 366–374) of the Companies Act, 2013 (CA 2013) deals with the provisions related to companies authorised to register under this Act. Section 370 of CA 2013 provides for continuation of pending legal proceedings.
Recently, we have discussed in detail section 369 (Saving of existing liabilities) of CA 2013. Today, we learn the provisions of section 370 of the Companies Act 2013.
The provisions of section 370 are effective from 1st April, 2014. You may refer Notification No. S.O. 902(E) issued dated 27-03-2014. In this article, you will learn detail of the provisions of section 370 the Companies Act 2013 read with the Companies (Authorised to Registered) Rules, 2014.
| Name of Act | The Companies Act 2013 |
|---|---|
| Enacted by | Parliament of India |
| Administered by | Ministry of Corporate Affairs (MCA) |
| Number of Chapters | 29 |
| Number of Sections | 484 (470-43+57) |
| Number of Schedules | 7 |
| You are reading: | |
| Chapter No. | XXI (PART-I) |
| Chapter Name | Companies Authorised to Register under this Act |
| Section No. | 370 |
| Section Name | Continuation of pending legal proceedings |
| Monthly Updated Edition | Company Law PDF |
Section 370 of Companies Act 2013: Continuation of pending legal proceedings
Section 370 shall come into force on 1st April, 2014 vide Notification No. S.O. 902(E) issued dated 27.03.2014 except proviso which shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
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 in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016.