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Notified Date of Section: 7/12/2016

 Effective Date: 15/12/2016

Power of Court to Stay or Restrain Proceedings.

372. The provisions of this Act 1["or of the Insolvency and Bankruptcy Code, 2016, as the case may be"] with respect to staying and restraining suits and other legal proceedings against a company at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributory of the company.

 

Amendment:

1.Inserted by vide MCA Notification number F.O. 3453(E) Dated 15th November, 2016.