370. All suits and other legal proceedings taken by or against the company, or any public officer or member thereof, which are pending at the time of the registration of a company in pursuance of this Part, may be continued in the same manner as if the registration had not taken place:

*Provided that execution shall not issue against the property or persons of any individual member of the company on any decree or order obtained in any such suit or proceeding; but, in the event of the property of the company being insufficient to satisfy the decree or order, an order may be obtained for winding up the company¹[in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016] .

Note:

* Proviso has been notified as on 15/12/2016.

Amendment 

1. Inserted by vide MCA Notification number F.O. 3453(E) Dated 15th November, 2016.