Section 354 of the Companies Act, 2013
Section 354 of the Companies Act, 2013
– "Appointment of Company Liquidator"
⚠️ Note: As per the current status, Section 354 has been omitted by the Insolvency and Bankruptcy Code, 2016, with effect from 15 November 2016.
Before Omission – Key Points (When it was in force):
Section 354 dealt with the appointment of a Company Liquidator by the Tribunal in the event of winding up of a company.
Main provisions included:
The Tribunal would appoint a Company Liquidator from the panel maintained under the Act.
The terms and conditions of appointment, remuneration, and powers were governed by the Companies Act and rules made under it.
Post-Omission:
After the enforcement of the Insolvency and Bankruptcy Code, 2016, the process related to liquidation and winding up has been substantially shifted to and is now governed by the IBC, especially in cases involving insolvency.
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