Section 341 Liability u/s 339 and 340 to extend to partners or directors in firms or companies – Companies Act 2013

Amended and updated notes on section 341 of Companies Act 2013. Liability u/s 339 and 340 to extend to partners or directors in firms or companies.

Amended and updated notes on section 341 of Companies Act 2013. Detail discussion on provisions and rules related to liability under sections 339 and 340 to extend to partners or directors in firms or companies.

Chapter XX (Section 270365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 341 of CA 2013 provides for liability under sections 339 and 340 to extend to partners or directors in firms or companies.

Recently, we have discussed in detail section 340 (Power of Tribunal to assess damages against delinquent directors, etc.) of CA 2013. Today, we learn the provisions of section 341 of the Companies Act 2013.

The provisions of section 341 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 341 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.341
Section NameLiability under sections 339 and 340 to extend to partners or directors in firms or companies
Monthly Updated EditionCompany Law PDF

Section 341 of Companies Act 2013: Liability under sections 339 and 340 to extend to partners or directors in firms or companies

Section 341 shall come into force on 9th September, 2016 to the extent of applicability for section 246 vide Notification No. S.O. 2912(E) issued dated 09.09.2016 and fully applicable from 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.

Where a declaration under section 339 or an order under section 340 is made in respect of a firm or body corporate, the Tribunal shall also have power to make a declaration under section 339, or pass an order under section 340, as the case may be, in respect of any person who was at the relevant time a partner in that firm or a director of that body corporate.


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