Transfers, etc., after commencement of winding up to be void

334. In the case of a winding up by the Tribunal, any disposition of the property including actionable claims, of the company and any transfer of shares in the company or alteration in the status of its members , made after the commencement of the winding up shall, unless the Tribunal otherwise orders, be void.

(1)

In the case of a voluntary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of theCompany Liquidator, and any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void.

(2)

In the case of a winding up by the Tribunal, any disposition of the property, including actionable claims, of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall, unless the Tribunal otherwise orders, be void.

(3)

Alteration includes the making of additions, omissions and substitutions.

Notes, amendments & references (1)

334. Substituted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment, Click Here

Section 333

Section 334

Section 335