Who can order winding up of a company?
The Tribunal can order for the winding up of the company on an application by any of the persons who are authorised under section 272. 2. The company would be wound up if Tribunal is of the opinion that it is just and equitable that it should no longer remain in function.
Who can order such winding up and in what circumstances?
List of Persons who can file Petition to the Tribunal for Winding up of a Company
- The company.
- The creditors.
- Any contributory or contributors.
- The registrar.
- Any person authorized by the Central Government.
- Any person authorized by the State Government.
Who can make petition of winding up?
A creditor may make a petition to the court for the winding up of the company, when he is able to prove that die company is unable to pay off his debts exceeding 1500 within three weeks of the notice of demand or where a decree or any other process issued by the court in his favour is returned unsatisfied in whole or …
Under what circumstances will a court order winding up of a company?
A company may be wound by the court in certain circumstances: if the company through the special resolution decided that it must be wound up by the court; or if default is made in filling the statutory report or in holding the statutory meeting; or if the number of members reduced below the required number as per the …
When can a company be voluntarily wound up?
If two thirds in value of creditors of the company are of the opinion that it is in the interest of all parties to wind up the company, then the company can be wound up voluntarily. If the company cannot meet all its liabilities on winding up, then the Company must be wound up by a Tribunal.
Who can file a petition for winding up under section 272?
The petition to wind up a company under Section 272 of the Act in the Tribunal can be filed by: The company. Any creditor. Stakeholder.
On what grounds Tribunal can pass order about compulsory winding up?
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 …
Who are the persons who can file petition for winding up of the company Mcq?
As per Section 272 , the following are the persons who can file a petition for winding up of the company. The Company. Any Contributory or Contributories. The Registrar with Approval Central Government and is given an opportunity of Being Heard.