Section 559   [ View Judgements ]

Power of Court to declare dissolution of company void.

559. Power of Court to declare dissolution of company void.

(1) Where a company has been dissolved, whether in pursuance of this Part or of section 394 or otherwise, the 1[Tribunal] may at any time within two years of the date of the dissolution on application by the liquidator of the company or by any other person who appears to the 1[Tribunal] to be interested, make an order, upon such terms as the 1[Tribunal] thinks fit, declaring the dissolution to have been void; and thereupon such proceedings may be taken as might have been taken if the company had not been dissolved.

(2) It shall be the duty of the person on whose application the order was made, within 2[thirty] days after the making of the order or such further time as the 1[Tribunal] may allow, to file a certified copy of the order with the Registrar who shall register the same; and if such person fails so to do, he shall be punishable with fine which may extend to 3[five hundred rupees] for every day during which the default continues.

1. Subs. by Act 11 of 2003, sec. 114, for "Court".

2. Subs. by Act 31 of 1965, sec. 62 and Sch., for "twenty-one" (w.e.f. 15-10-1965).

3. Subs. by Act 53 of 2000, sec. 211, for "fifty rupees" (w.e.f. 13-12-2000).

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