Company wound up by court

A company may be wound up by the court.

(a) If the company has by a unique plan clarified that the company be wound-up by the court.

(b) If it defaults in delivering the statutory report to the ROC or in holding the statutory meeting.

(c) If it does not start its business within a year from its registration or suspends its business for a complete year.

(d) If the number of members is reduced, in the case of a Private Company , below two and in the case of a Public Company, below seven.

(e) unable to pay its debts.

(f) If the court is of judgement that it is just and that the company have an right should be wound up.

Note that a company is deemed to be unable to pay its debts in the circumstances mentioned in section 434.

Company wound up by court

File with the Tribunal a statement of its affairs on with the petition for winding up.

(a) the last known addresses of company secretary and all directors of such company.

(b) the aspects of location of assets of the company and their value.

(c) detail of all creditors and debtors with their complete addresses.

(d) the details of other employees and workmen and any amount outstanding to them.

(e) such other details as the tribunal may direct.

  1. The said petition shall be in form no.45, 46 or 47 prescribed under rule 95 of the rules 1959.
  2. If the petition is presented by the company, see that every contributory or creditor of the company is furnished with a copy of the petition within 24 hours.
  3. Prescribed charges as mentioned above mean charges prescribed by the rules of the concerned high court in respect of analogous matters in its other proceedings.
  4. See that the petition is advertised in Form No.48 of the companies rules 1959.
  5. Forward promptly to the stock exchange with which your company is enlisted three copies of the petition is advertised.
  6. On receipt of the winding-up order from the concerned (high court). It should be advertised in Form No.53 of the companies rules 1959 within 14 days.
  7. The order of the copy is send to such person, if any and in such manner as the judge may direct.
  8. File with the concerned (ROC) a certified copy of the order in e-Form INC-28 within 30 days from the date of making the order after paying the requisite fee. It is prescribed under companies registration offices and fees rules 2014.
  9. The said e-Form is filed electronically and the copy of the courts order is filed with the said e-Form as an attachment.
  10. The original certified true copy of the courts order is also submitted at the concerned ROC’s office simultaneously with the filing of e-Form 21 failing which the filing will not be considered and legal action will be taken.
  11. The e-form is signed digitally by the secretary or manager or director or managing director of the company.
  12. If default is made in complying with the same requirement, you will be punishable with fine of Rs. 1000.
  13. A statement of the affairs of the company in Form No.57. It must be submitted to the official liquidator within 21 days.
  14. The directors and other officers of the company ensure that books of account of the company are completed and audited up to date of winding-up order make by the tribunal and submitted to it at the cost of the company.

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