The provisions of this Act or of the Insolvency and Bankruptcy Code, 2016, as the case may be,Inserted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment,Click Here with respect to staying and restraining suits and other legal proceedings against a companyCompany means a company incorporated under this Act or under any previous company law at any time after the presentation of a petition for winding up and before the making of a winding up order, shall, in the case of a company registered in pursuance of this Part, where the application to stay or restrain is by a creditor, extend to suits and other legal proceedings against any contributoryContributory means a person liable to contribute towards the assets of the company in the event of its being wound up.

Explanation.—For the purposes of this clause, it is hereby clarified that a person holding fully paid-up shares in a company shall be considered as a contributory but shall have no liabilities of a contributory under the Act whilst retaining rights of such a contributory of the company.

Amendments to Companies Act, 2013 vide Eleventh Schedule of the Insolvency and Bankruptcy Code, 2016

Enforcement Notification S.O. 3677(E) dated 07/12/2016