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The Companies Act, 2013

Chapter XXI - Companies Authorised to Register Under This Act (366 - 374)

Section 370- Continuation of pending legal proceedings.

[Notification Date: 26.03.2014, Effective from : 01.04.2014 except provisio] ; [ Provisio to Section 370 notified with effect from 15.12.2016 vide S.O. 3676 (E) dated 07.12.2016]

Section 370- Continuation of pending legal proceedings. [Corresponds to Section 577 of the Companies Act, 1956]

All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:

Provided that execution shall not issue against the property or persons of any individual member of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company [in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016]. [ the words "in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016"  inserted w.e.f.15.11.2016 vide Notification 37 dated 28.05.2016 (Insolvency and Bankruptcy Code, 2016) read with MCA Notification S.O.3453 (E) dated 15.11.2016]