Section 292 Exercise and control of Company Liquidator’s powers – Companies Act 2013

Amended and updated notes on section 292 of Companies Act 2013. Provisions and rules related to exercise and control of Company Liquidator’s powers.

Amended and updated notes on section 292 of Companies Act 2013. Detail discussion on provisions and rules related to exercise and control of Company Liquidator’s powers.

Chapter XX (Section 270365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 292 of CA 2013 provides for exercise and control of Company Liquidator’s powers.

Recently, we have discussed in detail section 291 (Provision for professional assistance to Company Liquidator) of CA 2013. Today, we learn the provisions of section 292 of the Companies Act 2013.

The provisions of section 292 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 292 the Companies Act 2013.

Name of ActThe Companies Act 2013
Enacted byParliament of India
Administered byMinistry of Corporate Affairs (MCA)
Number of Chapters29
Number of Sections484 (470-43+57)
Number of Schedules7
You are reading:
Chapter No.XX
Chapter NameWinding Up
Section No.292
Section NameExercise and control of Company Liquidator’s powers
Monthly Updated EditionCompany Law PDF

Section 292 of Companies Act 2013: Exercise and control of Company Liquidator’s powers

Section 292 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.

(1) Subject to the provisions of this Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of the creditors or contributories at any general meeting or by the advisory committee.

(2) Any directions given by the creditors or contributories at any general meeting shall, in case of conflict, be deemed to override any directions given by the advisory committee.

(3) The Company Liquidator—

  • (a) may summon meetings of the creditors or contributories, whenever he thinks fit, for the purpose of ascertaining their wishes; and
  • (b) shall summon such meetings at such times, as the creditors or contributories, as the case may be, may, by resolution, direct, or whenever requested in writing to do so by not less than one-tenth in value of the creditors or contributories, as the case may be.

(4) Any person aggrieved by any act or decision of the Company Liquidator may apply to the Tribunal, and the Tribunal may confirm, reverse or modify the act or decision complained of and make such further order as it thinks just and proper in the circumstances.


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