Section 1
Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for "is unable , within the meaning of sub-section (2) of section 271, to pay the amount of his debt or claim," (w.e.f. 15-11-2016).
1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for "is unable , within the meaning of sub-section (2) of section 271, to pay the amount of his debt or claim," (w.e.f. 15-11-2016).
default, within the meaning of section 6 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016), in respect of the amount of his debt or claim],—
(a) every person, who was a member of the company on the date of the registration of the order for reduction by the Registrar, shall be liable to contribute to the payment of that debt or claim, an amount not exceeding the amount which he would have been liable to contribute if the company had commenced winding up on the day immediately before the said date; and
(b) if the company is wound up, the Tribunal may, on the application of any such creditor and proof of his ignorance as aforesaid, if it thinks fit, settle a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list, as if they were ordinary contributories in a winding up.
(9) Nothing in sub-section (8) shall affect the rights of the contributories among themselves.
(10) If any officer of the company—
(a) knowingly conceals the name of any creditor entitled to object to the reduction;
(b) knowingly misrepresents the nature or amount of the debt or claim of any creditor; or
(c) abets or is privy to any such concealment or misrepresentation as aforesaid, he shall be liable under section 447.
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Roop's Law Assist