What are the circumstances of winding up of a company?

What are the circumstances of winding up?

Circumstances in which a Company May Be Wound Up

A special resolution is passed by the company that the company shall be wound up by the tribunal. Failure of the company in reporting a statutory report at the registrar’s office. Non-commencement of the company in business within one year of incorporation.

What are the grounds for winding up of a company by tribunal?

In case the company does not pay the debts, the debt of the creditor exceeding Rs 1 lakhs is due and unpaid by the company within 21 days from the due date, or any execution decree is passed in favour of the creditor or tribunal has a reason that company will not pay off any debts then company would be liable for …

What circumstances a company is wound up by the court?

A company may be wound up by the Court, (a) if the company has, by special resolution, resolved that the company be wound up by the Court ; … (e) if the company is unable to pay its debts ; (f) if the Court is of opinion that it is just and equitable that the company should be wound up.

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What are the modes and grounds of winding up?

The three modes of winding up are (a) Winding Up by the National Company Law Tribunal (the Tribunal) (b) Voluntary Winding Up under section 59 of the Code; (c) the ‘Fast Track Exit Scheme’ applicable to defunct companies under section 248 of the Act.

What are the circumstances under which an application may be made for a compulsory winding up?

Compulsory winding up usually happens in one of two circumstances: 1. Insolvency: An organisation is insolvent when it is unable to pay its debts when they become due and payable. An application can be made to the court that an organisation be wound up because it is insolvent.

Which persons and under what circumstances can file a petition for winding up of company before the tribunal under Companies Act 2013?

Any person authroised by the Central Government or by the Central Government or a State Government: a petition may be filed in a case under Section 271(b) i.e. where the Company acts against the interest, security of the State.

What are the kinds of winding up?

They are:

  • Compulsory Winding Up under the order of the Court.
  • Voluntary Winding Up, which itself is of two kinds: Members’ Voluntary Winding Up. Creditor’s Voluntary Winding Up.

Under what circumstances do you advise compulsory winding up of companies discuss?

As per provisions of the Companies Act, 2013, compulsory winding up is possible only under the following circumstances: When the company has passed the special resolution effecting that the company be wound up by the Court or Tribunal. Has acted against the interest of the sovereignty and integrity of the country.

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What are the modes and consequences of winding up of a company?

The other consequences of winding-up by the Court are:

(a) Intimation to official liquidator and Registrar (Sec. 444); (b) Copy of Winding-up order to be filed with the Registrar; (c) Order for winding-up deemed to be notice of discharge [Sec.