Section 289 of Companies Act, 2013
Section 289 of Companies Act, 2013 deals with Power of Tribunal on application for stay of winding up.
From the Act
(1) The Tribunal may, at any time after making a winding up order, on an application of promoter, shareholders or creditors or any other interested person, if satisfied, make an order that it is just and fair that an opportunity to revive and rehabilitate the company be provided staying the proceedings for such time but not exceeding one hundred and eighty days and on such terms and conditions as it thinks fit:
Provided that an order under this sub-section shall be made by the Tribunal only when the application is accompanied with a scheme for rehabilitation.
(2) The Tribunal may, while passing the order under sub-section (1), require the applicant to furnish such security as to costs as it considers fit.
(3) Where an order under sub-section (1) is passed by the Tribunal, the provisions of Chapter XIX shall be followed in respect of the consideration and sanction of the scheme of revival of the company.
(4) Without prejudice to the provisions of sub-section (1), the Tribunal may at any time after making a winding up order, on an application of the Company Liquidator, make an order staying the winding up proceedings or any part thereof, for such time and on such terms and conditions as it thinks fit.
(5) The Tribunal may, before making an order, under this section, require the Company Liquidator to furnish to it a report with respect to any facts or matters which are in his opinion relevant to the application.
(6) A copy of every order made under this section shall forthwith be forwarded by the Company Liquidator to the Registrar who shall make an endorsement of the order in his books and records relating to the company.
Recent Cases / Related Cases / Case Laws
Related Sections from the Act
- Section 285: Settlement of list of contributories and application of assets.
- Section 286: Obligations of directors and managers
- Section 287: Advisory committee
- Section 288: Submission of periodical reports to Tribunal
Chapters and Sections from the Indian Companies Act, 2013
- Chapter I to VI: Section 1 to Section 87
- Chapter VII: Section 88 to Section 122
- Chapter VIII to X: Section 123 to Section 148
- Chapter XI to XIII: Section 149 to Section 205
- Chapter XIV to XVI: Section 206 to Section 246
- Chapter XVII to XIX: Section 247 to Section 269
- Chapter XX: Section 270 to Section 365
- Chapter XXI to XXVI: Section 366 to Section 406
- Chapter XXVII to XXVIII: Section 407 to Section 446
- Chapter XXIX: Section 447 to Section 470
Other Related Acts
- Companies Act, 1956
- Indian Contract Act, 1872
- Indian Partnership Act, 1932
- Companies (Amendment) Bill, 2014
- Companies (Meetings and Powers of Board) Rules, 2014
- Companies (Declaration and Payment of Dividend) Rules, 2014
- Companies (Audit and Auditors) Rules, 2014
- Companies (Accounts) Rules, 2014
- March 8, 2016: Amendment in FCRA
- February 29, 2016: Companies Act 2013 to be amended to facilitate Ease of Doing Business
- April 29, 2015: Note on Companies (Amendment) Bill, 2014
- March 10, 2015: Notification of Section 135 of the Companies Act
- July 22, 2014: Changes in Companies Act
- July 18, 2014: Amendment in Companies Act, 1956
- June 12, 2014: Amendment to Rule 6 of the Companies Act
- December 12, 2013: Most Recommendations of The Damodaran Committee Taken Into Account In The Companies Act, 2013
- December 12, 2013: Measures to Prevent and Deal with Occurrence of Frauds
- December 7, 2013: Implementation of the New Company LawCompany Law
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