Section 433 — Limitation

The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to
proceedings or appeals before the Tribunal or the Appellate Tribunal, as the case maybe.
1[434. Transfer of certain pending proceedings. —(1) On such date as may be notified by the Central
Government in this behalf,—
(a) all matters, proceedings or cases pending before the Board of Company Law Adm inistration (herein in
this section referred to as the Company Law Board) constituted under sub -section ( 1) of section 10E of the
Companies Act, 1956 (1 of 1956), immediately before such date shall stand transferred to the Tribunal and the
Tribunal shall dispose of such matters, proceedings or cases in accordance with the provisions of this Act;
(b) any person aggrieved by any decision or order of the Company Law Board made before such date may
file an appeal to the High Court within sixty days from the date of communication of the decision or order of the
Company Law Board to him on any question of law arising out of such order:
Provided that the High Court may if it is satisfied that the appellant was prevented by sufficient cause from
filing an appeal within the said period, allow it to be filed within a further period not exceeding sixty days; and
(c) all proceedings under the Companies Act, 1956 (1 of 1956), including proceedings relating to arbitration,
compromise, arrangements and reconstruction and wi nding up of companies, pending immediately before such
date before any District Court or High Court, shall stand transferred to the Tribunal and the Tribunal may proceed
to deal with such proceedings from the stage before their transfer:
Provided that only such proceedings relating to the winding up of companies shall be transferred to the
Tribunal that are at a stage as may be prescribed by the Central Government:
2[Provided further that any party or parties to any proceedings relating to the winding up of companies
pending before any Court immediately before the commencement of the Insolvency and Bankruptcy Code
(Amendment) Ordinance, 2018, may file an application of transfer of such proceedings and the Court may by
order transfer such proceedings to the T ribunal and the proceedings so transferred shall be dealt with by the
Tribunal as an application for initiation of corporate insolvency resolution process under the Insolvency and
Bankruptcy Code, 2016 (31 of 2016).
3[Provided further that only such procee dings relating to cases other than winding -up, for which orders for
allowing or otherwise of the proceedings are not reserved by the High Courts shall be transferred to the Tribunal
4[Provided also that]—
(i) all proceedings under the Companies Act, 1956 o ther than the cases relating to winding up of
companies that are reserved for orders for allowing or otherwise such proceedings; or
(ii) the proceedings relating to winding up of companies which have not been transferred from the High
Courts;
shall be dealt with in accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules,
1959.]
5[Provided also that proceedings relating to cases of voluntary winding up of a company where notice of
the resolution by advertisement has been given u nder sub-section (1) of section 485 of the Companies Act,
1956 but the company has not been dissolved before the 1st April, 2017 shall continue to be dealt with in
accordance with provisions of the Companies Act, 1956 and the Companies (Court) Rules, 1959. ]

(2) The Central Government may make rules consistent with the provisions of this Act to ensure timely
transfer of all matters, proceedings or cases pending before the Company Law Board or the courts, to the
Tribunal under this section.]





1. Subs. by Act 31 of 2016, s. 255 and the Eleventh Schedule, for section 434 (w.e.f. 15-11-2016).
2. Ins. by Act 26 of 2018, s. 39 (w.e.f. 6-6-2018).
3. Ins. by Notification No. S.O. 3676(E), dated 7th December 2016 (w.e.f. 15-12-2016).
4. Subs. by Notification No. S.O. 2042(E), dated 29th June 2017 for “Provided further that” (w.e.f. 29-6-2017).
5. Ins., ibid. (w.e.f. 29-6-2017).