Section 372:
Power of Court to stay or restrain proceedings
The provisions of this Act 1[or of the
Insolvency and Bankruptcy Code, 2016 (31 of 2016), as the case may be,] with respect to staying and
restraining suits and other legal proceedings against a company 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 contributory of the company.
Notes:
1. The proviso ins. by Act 31 of 2016, s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).