Section 537 - Avoidance of certain attachments, executions, etc., in winding up by Tribunal. - Companies Act, 1956

Avoidance of certain attachments, executions, etc., in winding up by Tribunal. [1] [537. (1) Where any company is being wound up by the Tribunal ___ (a) any attachment, distress or execution put in force, without leave of the Tribunal against the estate or effects of the company, after the commencement of the winding up; or (b) any sale held, without leave of the Tribunal of any of the properties or effects of the company after such commencement, shall be void. (2) Nothing in this section applies to any proceedings for the recovery of any tax or impost or any dues payable to the Government.] ---------------------------------------- Notes:- [1] Substituted by the Companies (Second Amendment) Act, 2002, w.e.f a date yet to be notified. Prior to its substitution, section 537, as substituted by the Companies (Amendment) Act, 1960, read as under for the following: "537. Avoidance of certain attachments, executions, etc., in winding up by or subject to supervision of Court. (1) Where any company is being wound-up by or subject to the supervision of the Court ____ (a) any attachment, distress or execution put in force, without leave of the Court, against the estate or effects of the company, after the commencement of the winding up; or (b) any sale held, without leave of the court, of any of the properties or effects of the company after such commencement; shall be void. 1 [(2) Nothing in this section applies to any proceedings for the recovery of any tax or impost or any dues payable to the Government.]" ----------------------------------------- Notes:- 1 Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 187, for sub-section (2).