Section 435, The Companies Act, 2009

(1) Where an order is made for a winding up subject tosupervision, the liquidator may, subject to any restrictions imposed by the court, exercise all his powers, without the court’s sanction or intervention, in the same manner as if the company were being wound up altogether voluntarily. (2) The powers specified in paragraphs (d), (e) and (f) of subsection (1) of section 371 shall not be exercised by the liquidator except with the sanction or intervention, in the same manner as if the company were being wound up altogether voluntarily. (3) A winding up subject to the supervision of the court is not a winding up by the court for the purposes of the Eighth Schedule but, subject to this Act an order for a winding up subject to supervision is deemed to be for all purposes an order for winding up (4) Where the order for winding up subject to supervision was made in relation to a creditors’ voluntary winding up in which a committee of inspection had been appointed, the order is deemed an order for winding up by the court for the purposes of section 398, except in so far as the operation of those provisions is excluded in a voluntary winding up by general rules. (5) In this section “relevant date” means such date as may be fixed by the Minister by statutory instrument. Provisions applicable to every mode of winding-up, proof and ranking of claims