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[Cites 0, Cited by 0] [Section 535] [Entire Act]

Union of India - Subsection

Section 535(5) in The Companies Act, 1956

(5)The [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .] may, on the application of any person who is, as against the Liquidator, entitled to the benefit or subject to the burden of a contract made with the company, make an order rescinding the contract on such terms as to payment by or to either party of damages for the non-performance of the contract, or otherwise as the [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .] thinks just; and any damages payable under the order of any such person may be proved by him as a debt in the winding up.