Amended and updated notes on section 298 of Companies Act 2013. Detail discussion on provisions and rules related to power to order costs.
Chapter XX (Section 270–365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 298 of CA 2013 provides for power to order costs.
Recently, we have discussed in detail section 297 (Adjustment of rights of contributories) of CA 2013. Today, we learn the provisions of section 298 of the Companies Act 2013.
The provisions of section 298 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 298 the Companies Act 2013.
| 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. | XX |
| Chapter Name | Winding Up |
| Section No. | 298 |
| Section Name | Power to order costs |
| Monthly Updated Edition | Company Law PDF |
Section 298 of Companies Act 2013: Power to order costs
Section 298 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.
The Tribunal may, in the event of the assets of a company being insufficient to satisfy its liabilities, make an order for the payment out of the assets, of the costs, charges and expenses incurred in the winding up, in such order of priority inter se as the Tribunal thinks just and proper.