Power of Court of Stay and powers on hearing the petition of Tribunal
The companies omission (Second Amendment) Act, 2002 (w.e.f. a date to be notified yet)
Powers on Hearing Petition of Tribunal.
On hearing a petition winding up, the Tribunal may-
a, dismiss it without or with costs; or
adjourn the hearing conditionally or unconditionally or
make any order interim that it thinks fit; or
make an order for the company winding up with or without costs, or any other order that it thinks fit;
Provided that the Tribunal shall not refuse a winding-up order to make company has no assets. On the ground, only that company assets have been mortgaged to an equal amount to or in excess of those assets.
The presented petition on the ground that is just and equitable that the company should be wound up, the Tribunal may refuse to make up a winding up order, if it is of the opinion that some other available remedy to the petitioners and that they are unreasonably acting in seeking to have the company wound up pursuing instead that other remedy. Where the presented petition on the default ground in delivering to the Registrar the statutory report or in the statutory meeting holding, the Tribunal may-
instead of making an order for winding up direct that the statutory report shall be delivered or that meeting shall be held; and
order the costs to be paid by any persons who are in the Tribunal opinion, are responsible for the default.
Order to be Communicated for winding Up to Official Registrar and Liquidator
Where the Tribunal makes an order for the company winding up, the Tribunal, shall within a period not exceeding two weeks from the passing date of the order, cause thereof intimation to be sent to the registrar and the Official Liquidator.
Copy of winding up Order with Registrar to be filed.
On the making of a winding up order, it shall be the petitioner duty in the proceedings of winding up and to file of the company with the Registrar of the order a certified copy, within thirty days from the date of the making of the order.
If default is made in complying with the foregoing provision, the petitioner or as the case may need, the company, and every company officer who is in default, shall be punishable with the fine that may extend to (one thousand) rupees for each day during which the default continues.
Section 355: Court, Person or Tribunal etc., may be sworn before whom affidavit
Any required affidavit to be sworn under the provisions or for the purposes, of this Chapter, may be sworn __
a, in India before any court, judge or person, tribunal authorised lawfully to take and receive affidavits and
Before any court in any other country, judge or person authorised lawfully to take and receive in that country affidavits or before a diplomatic Indian or consular officer.
All Tribunals, judges, persons and commissioners judicially acting in India shall take note judicial notice of seal, signature or stamp, as the case may be, of any such court judge, person or Tribunal consular officer or diplomatic, appended, attached or subscribed to any such affidavit or to any other used document of this Chapter for the purposes.
Powers of Tribunal to declare company dissolution
Where a dissolved company whether in this Chapter pursuance or of section 232 or otherwise, the Tribunal may at any time within of the two years date of the dissolution, by the company liquidator on the application or by any other person to be interested who appears make an order upon such terms as the Tribunal thinks fit, declaring the void dissolution, and thereupon such proceedings may be taken as if the company had not been dissolved.
It shall be the Company Liquidator duty or the person on whose application was made the order, within thirty days of the order after the making or such time further as may allow the Tribunal, to file the order certified copy with the Registrar who shall register the same, and the Company Liquidator or the person fails to do so, the Company Liquidator or the person shall punishable with fine that may extend every day ten thousand rupees during which the default continues.
Winding up Tribunal commencement
Where before the petition presentation for the winding up of the company by the Tribunal, a resolution by the company has passed for voluntary winding up, the company winding up shall be deemed to have commenced at the time of the resolution passing, and unless the Tribunal, of fraud on proof or mistake, thinks fit to otherwise direct, taken all proceedings in the voluntary winding up shall be deemed to have taken validity.
in any other case, the company winding up by the Tribunal shall be deemed to commence at the time of the petition of the presentation for the winding up.
Powers and Official Liquidator functions
The Official Liquidator shall exercise such powers and perform such duties as the Central Government may be prescribed;
Without prejudice of sub-section (1) TO the provisions, the Office Liquidator may-
exercise all or any of the powers as may be exercised by Liquidator of the company under this Act provisions; and
b, conduct investigations or inquiries, if directed by the Tribunal or the central Government, in respect of arising matters out of proceedings of winding up.
Summary procedure for Liquidation
Where the wound up company to be under this Chapter-
a has book value assets not exceeding one crore rupees and
belongs to such class or companies class as may be prescribed,
the Central Government may order it to be wound up by the provided summary procedure under this Part.
where under sub-section(1) an order is made, the Central Government shall appoint the Official liquidator as the company liquidator.
The Official Liquidator shall, within his appointment of thirty days, submit a report to the Central Government in such form and manner, as may be specified, including a report whether in his opinion, any fraud has been committed in promotion, formation or the company management affairs or not.
On the reported receipt under sub-section (4), if the Central government is satisfied that any fraud by the promoters has been committed, directors or any other company officer, it may direct further investigations into the company affairs and that a report shall be submitted as may be specified within such time.
After considering the report of investigation report under sub-section (5), the Central Government may order may be proceeded that winding up under part I of this chapter or this provisions part under.
