Section 348 — Information as to pending liquidations

4[(1) If the winding up of a company is not concluded
within one year after its commencement, the Company Liquidator sh all, unless he is exempted from so
doing, either wholly or in part by the Central Government, within two months of the expiry of such year
and thereafter until the winding up is concluded, at intervals of not more than one year or at such shorter
intervals, if any, as may be prescribed, file a statement in such form containing such particulars as may be
prescribed, duly audited, by a person qualified to act as auditor of the company, with respect to the
proceedings in, and position of, the liquidation, with the Tribunal:
Provided that no such audit as is referred to in this sub-section shall be necessary where the provisions
of section 294 apply.]
(2) When the statement is filed with the Tribunal under clause ( a) of sub -section ( 1), a copy shall
simultaneously be filed with the Registrar and shall be kept by him along with the other records of the
company.
(3) Where a statement referred to in sub -section (1) relates to a Government company in liquidation,
the Company Liquidator shall forward a copy thereof—
(a) to the Central Government, if that Government is a member of the Government company;
(b) to any State Government, if that Government is a member of the Government company; or

1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for sub-section (1) (w.e.f. 15-11-2016).
2. The words “with imprisonment for a term which may extend to six months or” omitted by Act 29 of 2020, s. 49 (w.e.f. 21-12-
2020).
3. Subs. by s. 49, ibid., for “fifty thousand rupees, or with both” (w.e.f. 21-12-2020).
4. Subs. by s. 255 and the Eleventh Schedule, ibid., for sub-section (1) (w.e.f. 15-11-2016).

(c) to the Central Government and any State Government, if both the Government s are members
of the Government company.
(4) Any person stating himself in writing to be a creditor or contributory of the company shall be
entitled, by himself or by his agent, at all reasonable times, on payment of the prescribed fee, to inspect the
statement referred to in sub-section (1), and to receive a copy thereof or an extract there from.
(5) Any person fraudulently stating himself to be a creditor or contributory under sub-section (4) shall
be deemed to be guilty of an offence under section 182 of the Indian Penal Code (45 of 1860), and shall,
on the application of the Company Liquidator, be punishable accordingly.
1[(6) Where a Company Liquidator, who is an insolvency professional registered under the Insolvency
and Bankrupt Code, 2016 (31 of 2016) is in default in complying with the provisions of this section, then
such default shall be deemed to be a contravention of the provisions of the said Code, and the rules and
regulations made thereunder for the purpose of proceedings under chapter VI of Part IV of that Code.]