Section 429 of the Companies Act, 2013: Power to Seek Assistance of Chief Metropolitan Magistrate.
Updated: Oct 17, 2022
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Sub-section 1 of Section 429 talks about in any proceedings for the winding up of a company under the Company Act or the Insolvency and Bankruptcy Code, 2016, the Tribunal may request, in writing, the Chief Metropolitan Magistrate, Chief Judicial Magistrate, or the District Collector within whose jurisdiction any such property, books of account, or other documents of such company under the company Act of 2013 or the Insolvency and Bankruptcy Code, 2016, to take into custody or under its control all property, books of account, or other documents of such company under this Act:
(a) Seize the property, books of account, or other papers in question; and
(b) Entrust the same to the Tribunal or other authorized individuals.
And sub-section one was substituted by the 11th Schedule (Section 255) of the Insolvency and Bankruptcy Code, 2016.
The Chief Metropolitan Magistrate, Chief Judicial Magistrate, or District Collector may take or cause to be taken such steps and use or cause to be used such force as he considers necessary to ensure compliance with the terms of sub-section (1).
No action taken by the Chief Metropolitan Magistrate, Chief Judicial Magistrate, or District Collector following this section may be challenged in any court or before any authority on any ground.