1. At any time after the making of an order for the winding up of a company by the Tribunal, any creditor or contributory of the company may inspect the books and papers of the company only in accordance with, and subject to such rules as may be prescribed.
2. Nothing contained in sub-section (1 ) shall exclude or restrict any rights conferred by any law for the time being in force—
a. on the Central Government or a State Government;
b. on any authority or officer thereof; or
c. on any person acting under the authority of any such Government or of any such authority or officer.
Legal Commentary & Landmark Judgments: Section 346
Section 346 of the Companies Act, 2013 regulates the inspection of books and papers of a company in liquidation, providing that creditors and contributories may inspect them only pursuant to an order of the Tribunal.
In an application under Section 346 before the NCLT, articulate the specific records sought (e.g., specific asset transfer ledgers, vendor contracts) and demonstrate how inspection will assist in discovering dissipated assets or proving misfeasance under Section 340. Avoid generic prayers for 'all corporate records' which the Tribunal will dismiss as fishing expeditions.