Section 469 - Payment of debts due by contributory and extent of set-off. - Companies Act, 1956

Payment of debts due by contributory and extent of set-off. 469. (1) The [1] [Tribunal] may, at any time after making a winding up order, make an order on any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Act. (2) The 1[Tribunal], in making such an order, may ___ (a) in the case of an unlimited company, allow to the contributory, by way of set-off, any money due to him or to the estate which he represents, from the company, on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and (b) in the case of a limited company, make to any director [2] [* * *] or manager whose liability is unlimited, or to his estate, the like allowance. (3) In the case of any company, whether limited, or unlimited when all the creditors have been paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call. ----------------------------------------- Notes: [1] Substituted for Court by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, as provisions relating to managing agents, etc. had become redundant after abolition of system by Act 17 of 1969.