647. SAVING OF PENDING PROCEEDINGS FOR WINDING UP

Where the winding up of a company has commenced before the commencement of this Act -

(i) sub-section (7) of section 555 shall apply in respect of any moneys paid into the Companies Liquidation Account whether before or after such commencement ; and

(ii) the other provisions with respect to winding up contained in this Act shall not apply, but the company shall be wound up in the same manner and with the same incidents as if this Act had not been passed :

Provided that where the proceedings in any such winding up are pending at the commencement of the Companies (Amendment) Act, 1960, -

(a) sections 463, 502, 515 and 524 shall, as far as may be, also apply in relation thereto ;

(b) the liquidator appointed by the Court and functioning in any such winding up shall in such manner and at such time as may be prescribed by the Central Government, pay the moneys received by him as such liquidator, into the public account of India in the Reserve Bank of India.