Companies Act Section 346 — Inspection of books and papers by creditors and contributories

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Sub-section (1) states that once the Tribunal has ordered the winding up of a company, any creditor or contributory of that company may inspect the company's books and papers. However, this right to inspect is not absolute — it can only be exercised in the manner and subject to the rules that are prescribed.

Sub-section (2) clarifies that the inspection right given in sub-section (1) does not take away or limit any rights that already exist under any other law in force. Under clause (a), this includes rights held by the Central Government or a State Government. Under clause (b), it includes rights held by any authority or officer of such a government. Under clause (c), it also includes rights held by any person acting under the authority of such a government, authority, or officer.

Official Text

(1) At any time after the making of an order for the winding up of a company by the Tribunal, any creditor or contributory of the company may inspect the books and papers of the company only in accordance with, and subject to such rules as may be prescribed.

(2) Nothing contained in sub-section (1) shall exclude or restrict any rights conferred by any law for the time being in force—

(a) on the Central Government or a State Government;

(b) on any authority or officer thereof; or

(c) on any person acting under the authority of any such Government or of any such authority or officer.