Who can file a petition under Sec 271 for winding up of a company?

Who can present a petition for winding up of a company briefly explain?

XL of the Code of Civil Procedure, a Receiver can file a petition for winding up of a company for the realisation of the properties, movable and immovable, including debts, of which he was appointed the Receiver. 1. Winding up subject to supervision of court, is different from “Winding up by court.”

Who can apply to tribunal for compulsory 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 Cannot file a petition in court for winding up of a company?

But a contributory cannot make a petition for the winding up of the company under clause (a) and (b) stated above unless at least some of the shares held by him were originally allotted to him or have been held by him and registered in his name for at least 6 months during the 18 months before the commencement of the …

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Who may be appointed as director?

Only an Individual (living person) can be appointed as a Director in a Company. A body corporate or business entity cannot be appointed as a Director in a Company. A company can have a maximum of fifteen Directors – it can be increased further by passing a special resolution.

Who can file a petition for winding up under section 272?

4. Any person authorized by Central Government shall be entitled to present a petition for the winding up of the Companyif Tribunal is of the opinion that winding up of the Company is just and equitable or if the Company has acted against the interests of the sovereignty and integrity of India.

Can a shareholder petition to wind up a company?

A ‘just and equitable winding up petition’ is a bespoke petition that is designed to deal with a range of shareholder disputes in a company. If there has been a breakdown in mutual trust and confidence which is impeding the management of a company, a shareholder may petition to have the company wound up.

Can a shareholder file a winding up petition?

A fully paid-up shareholder is a contributory, and as such entitled to present a winding up petition. … A contributory will not, however, be entitled to an order if the sole ground for the petition is insolvency, though it is otherwise where there is a case for investigation or other good grounds for a petition.”

Under what circumstances will the tribunal order a compulsory winding up of a company?

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 …

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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.