468. Powers of Central Government to make rules relating to winding up
(1) The Central Government shall, make rules consistent with the Code of Civil
Procedure, 1908 providing for all matters relating to the winding up of companies, which by
this Act, are to be prescribed, and may make rules providing for all such matters, as may be
prescribed.
(2) In particular, and without prejudice to the generality of the foregoing power, such
rules may provide for all or any of the following matters, namely:—
(i) as to the mode of proceedings to be held for winding up of a company by the
Tribunal;
(ii) for the voluntary winding up of companies, whether by members or by
creditors;
(iii) for the holding of meetings of creditors and members in connection with
proceedings under section 230;
(iv) for giving effect to the provisions of this Act as to the reduction of the
capital;
(v) generally for all applications to be made to the Tribunal under the provisions
of this Act;
(vi) the holding and conducting of meetings to ascertain the wishes of creditors
and contributories;
(vii) the settling of lists of contributories and the rectifying of the register of
members where required, and collecting and applying the assets;
(viii) the payment, delivery, conveyance, surrender or transfer of money, property,
books or papers to the liquidator;
(ix) the making of calls; and
(x) the fixing of a time within which debts and claims shall be proved.
(3) All rules made by the Supreme Court on the matters referred to in this section as it
stood immediately before the commencement of this Act and in force at such commencement,
shall continue to be in force, till such time the rules are made by the Central Government and
any reference to the High Court in relation to winding up of a company in such rules shall be
construed as a reference to the Tribunal.