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The Companies Act, 1956

Miscellaneous Provisions (Section 416 to 424)

Section 424 Application of sections 421 to 423 to receivers and managers appointed by Court and managers appointed in pursuance of an instrument.

Section 424 Application of sections 421 to 423 to receivers and managers appointed by Court and managers appointed in pursuance of an instrument.

The text of section has been substituted by the Companies (Second Amendment) Act 2002 but the said amendment has not been notified yet. Below given is both the substituted & original section text.

Substituted

The provisions of sections 421 to 423 shall apply to the receiver of, or any person appointed to manage, the property of a company, appointed by the Tribunal or to any person appointed to manage, the property of a company under any powers contained in an instrument, in like manner as they apply to a receiver appointed under any powers contained in an instrument.

Original

The provisions of sections 421, 422 and 423 shall apply to the receiver of, or any person appointed to manage, the property of a company, appointed by a Court or to any person appointed to manage the property of a company under any powers contained in an instrument, in like manner as they apply to a receiver appointed under any powers contained in an instrument.