Which section of the company acts with winding up of a company?

Which section deals with winding up of a company?

As per section 270 of the Companies Act, 2013 a company can be wound up either by a National Company Law Tribunal (“Tribunal”) or by way of voluntary winding up. There may be several reasons for winding up of the company including mutual agreement among stakeholders, loss, bankruptcy, death of promoters etc.

Which section deals with modes of winding up as per Companies Act, 2013?

Section 271(1)(a) of the Companies Act, 2013, dealt with the winding up of the Tribunal if the company fails to pay its debts, but this sub-clause has been omitted by Section 255 of the Insolvency and Bankruptcy Code, 2016. Sections 7, 8, and 9 of Insolvency and Bankruptcy Code, 2016 deal with the same now.

What is winding up of a company in company law?

Winding up of a company is the process whereby the company’s life comes to an end and its assets are administered for the benefit of its creditors and members. … Thus, it a mechanism whereby the assets of the company are utilised for the advantage of its shareholders and creditors.

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When Court can order winding up of a company?

If the tribunal is of the opinion that it is just and equitable that the company should be wound up. 7. Tribunal may inquire into the revival and rehabilitation of sick units. It its revival is unlikely, the tribunal can order its winding up.

What are the sections of Companies Act, 2013?

The Companies Act, 2013

Section No. Section Name
6 Act to override memorandum, articles, etc
7 Incorporation of company
8 Formation of companies with charitable objects, etc
9 Effect of registration

What is Section 4 of Companies Act, 2013?

According to Section 4 of the Companies Act, 2013, the MoA is a legal document specifying information about the shareholding of the company. It also outlines the scope of the company’s business activities. Further, it is prepared for the purpose of registering the company. It is also called the charter of the company.

How many sections are there in company law?

The 2013 Act is divided into 29 chapters containing 470 sections as against 658 Sections in the Companies Act, 1956 and has 7 schedules.

Companies Act 2013
Signed 29 August 2013
Commenced 12 September 2013 (98 sections) 1 April 2014 (184 sections)
Legislative history
Bill The Companies Bill, 2012

Who can petition for winding up of a company?

Who Can File Petition For Winding Up. Any creditor or creditors of the company may present a petition to the Court for winding up, alleging that the company is unable to pay the debts of the creditor in the manner specified in section 433 or 434.

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Which section of company Act 2013 provides for preparation of liquidator statement of account of winding up?

Chapter XX The Companies (Winding up) Rules, 2013. (1) Half-yearly accounts to be filed. – For the purpose of sub-section (2) of section 294, unless otherwise ordered by the Tribunal, the Company Liquidator shall file his accounts in the Tribunal twice a year.