Section 360 of the Companies Act, 2013
Section 360 of the Companies Act, 2013
Title: “Power of Central Government to make rules for winding up.”
Status: ✅ This section is in force.
🔍 Provision Summary:
Section 360 empowers the Central Government to make rules for the purpose of winding up companies under the Companies Act, 2013.
📝 Bare Act Language (Simplified):
The Central Government may make rules consistent with the Companies Act for all matters relating to the winding up of companies.
This includes:
Procedure for winding up (whether by Tribunal or otherwise)
Rights and duties of various parties involved (e.g., liquidators, creditors)
Distribution of assets
Handling of debts, liabilities, and surplus
Any incidental, supplementary, or consequential matters
🧾 Practical Use:
Rules made under this section form the basis of:
Companies (Winding Up) Rules, 2020
Procedures followed by Tribunals (NCLT) during liquidation
Compliance by companies undergoing winding up
RELATED Blog
0 comments