What happens to suits and other legal proceedings initiated by or against a company, to be registered under Part I of Chapter XXI of the Companies Act, which were pending at the time of its registration?

Section 370. Continuation of pending legal proceedings: 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 in accordance with the provisions of this Act or of the Insolvency and Bankruptcy Code, 2016.