Companies Act, 1956
Sec 456 - Custody of company's property.
(1) Where a winding up order has been made or
where a provisional liquidator has been appointed, the liquidator or the
provisional liquidator, as the case may be, shall take into his custody or
under his control, all the property, effects and actionable claims to which the
company is or appears to be entitled.
(1A) For the purpose of enabling the
liquidator or the provisional liquidator, as the case may be, to take into his
custody or under his control, any property, effects or actionable claims to
which the company is or appears to be entitled, the liquidator or the
provisional liquidator, as the case may be, may by writing request the Chief
Presidency Magistrate or the District Magistrate within whose jurisdiction such
property, effects or actionable claims or any books of account or other
documents of the company may be found, to take possession thereof, and the
Chief Presidency Magistrate or the District Magistrate may thereupon, after
such notice as he may think fit to give to any party, take possession of such
property, effects, actionable claims, books of account or other documents and
deliver possession thereof to the liquidator or the provisional liquidator.
(1B) For the purpose of securing compliance
with the provisions of sub-section (1A), the Chief Presidency Magistrate or the
District Magistrate may take or cause to be taken such steps and use or cause
to be used such force as may in his opinion be necessary.
(2) All the property and effects of the
company shall be deemed to be in the custody of the Court as from the date of
the order for the winding up of the company.