Costing Standards Accounting Standards E-Forms

The Companies Act, 2013

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

Section 372- Power of Court to stay or restrain proceedings.

[Section 372 notified with effect from 15.12.2016 vide S.O. 3676 (E) dated 07.12.2016]

Section 372- Power of Court to stay or restrain proceedings.[Corresponds to Section 586 of the Companies Act, 1956]

The provisions of this Act  [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. [ the words "or of the insolvency and Bankruptcy Code, 2016, as the case may be " 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]