Winding Up: 1) Winding up of a company is a process through which the life of the company comes into an end. 2) In this process the management of the company is taken away from the hands of the Directors of the company. 3) An administrator called a liquidator is appointed and he takes the control of the company, collects the assets, liabilities are discharged (i.e. all the creditors) and finally distributes if any surplus among the members. 4) At the end of the winding up, the company is left with no assets and liabilities and thus gets formally dissolved. Compulsory Winding up: 1) The winding up process done by the tribunal is known a compulsory winding up of a company. 2) It is also known as Tribunal Winding up. 3) Chapter XX, Part – 1of the CA 2013 deals with the compulsory winding up. Grounds for winding up by Tribunal: 1) Special Resolution 2) Acts against sovereignty 3) Default in filing the statements 4) Fraudulent Conduct 5) Just and Equitable. Person who can file a Petition to...
B.A. LL.B (Advocate)
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