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.




1.  (a)  Inserted  by Insolvency and Bankruptcy Code, 2016 Dated 15th November, 2016.

    (b) The MCA Notification No. F.O. 3453(E) Dated 15th November, 2016, enforcing the related sections of Insolvency and Bankruptcy Code, 2016.