The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,
a. make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal considers necessary to satisfy the debts and liabilities of the company, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves; and
b. make an order for payment of any calls so made.
Legal Commentary & Landmark Judgments: Section 296
Section 296 of the Companies Act, 2013 vests the Tribunal with plenary power, at any time after making a winding up order, to make calls on all or any settled contributories to satisfy corporate debts, liquidation expenses, and adjust inter se rights.
When the liquidator's Section 281 report reveals a substantial deficit in corporate assets to satisfy admitted liabilities, the liquidator must move an application under Section 296 for making calls on partly-paid shareholders. Counsel should attach the settled list of contributories and calculation of projected shortfall to obtain immediate call orders enforceable under the NCLT's recovery powers.