Section 50 - Amendment of section 348 - The Companies (Amendment) Act, 2020

Amendment of section 348. 50 . In section 348 of the principal Act,- (a) for sub-section (6), the following sub-section shall be substituted, namely:- (6) Where a Company Liquidator, who is an insolvency professional registered under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) is in default in complying with the provisions of this section, then such default shall be deemed to be a contravention of the provisions of the said Code, and the rules and regulations made thereunder for the purposes of proceedings under Chapter VI of Part IV of that Code. ; (b) sub-section (7) shall be omitted.