In section 429, for sub -section (1), the following sub-section shall be substituted, namely:— — THE INSOLVENCY AND BANKRUPTCY CODE, 2016 Last Update 18-8-2021

In section 429, for sub -section (1), the following sub-section shall be substituted, namely:—

34. In section 429, for sub -section (1), the following sub-section shall be substituted, namely:— " (1) The Tribunal may, in any proceedings for winding up of a company under this Act or in any proceedings under the Insolvency and Bankruptcy Code, 2016, in order to take into custody or under its control all property, books of account or other documents, request, in writing, the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector within whose jurisdiction any such property, books of account or other documents of such company under this Act or of corporate persons under the said Code, are situated or found, to take possession thereof, and the Chief Metropolitan Magistrate, Chief Judicial Magistrate or the District Collector, as the case may be, shall, on such request being made to him,— (a) take possession of such property, books of account or other documents; and (b) cause the same to be entrusted to the Tribunal or other persons authorised by it. " .

Section 34