s 221 Contracts to which company is party
221.—(1) This section applies where a contract has been made with a company that is subsequently placed under judicial management or subsequently goes into insolvent liquidation. (2) The Court may, on the application of any other party to the contract, make an order discharging obligations under the contract on such terms as to payment by the applicant or the company of damages for non‑performance or otherwise as appears to the Court to be equitable. (3) Any damages payable by the company by virtue of an order of the Court under this section is a debt provable in the judicial management or winding up of the company, as the case may be. (4) Where a company that is in judicial management or that is being wound up is a contractor in respect of any contract jointly with any person, that person may sue or be sued in respect of the contract without the joinder of the company.