Who may apply for winding up?

Who can apply for winding up?

Who Can File Petition For Winding Up. Any creditor or creditors of the company may present a petition to the Court for winding up, alleging that the company is unable to pay the debts of the creditor in the manner specified in section 433 or 434.

Who may apply for petition to the court for an order to wind up a company?

91 IRDA, the company or its directors or its creditor may apply to court for a judicial management order.

Who can apply for liquidation of a company?

Under compulsory liquidation, the consent of the company, its shareholders or directors is immaterial. Voluntary liquidation requires the process to be initiated by the corporate debtor itself, through its directors or partners, and it must be approved by both its shareholders (in the case of a company) and creditors.

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Who can apply to the tribunal for compulsory winding up of company?

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.

Who are the members of winding up committee?

It shall consist of 12 members of which are shareholders, contributories and creditors of the company. The company liquidator shall convene a meeting of creditors and contributories of the company within 30 days from the date of order of winding up so that the tribunal can decide the composition of the committee.

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 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.

Who Cannot file a petition for winding up?

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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Can a director apply to wind up a company?

Step 1 – Company directors must make a declaration of solvency. To begin winding up a solvent company, a majority of the directors must make a Declaration of solvency (Form 520). … It is an offence under the Corporations Act 2001 to make a false declaration of solvency. Penalties can apply.

Who can initiate liquidation process?

A corporate person who intends to liquidate itself voluntarily and has not committed any default may initiate voluntary liquidation proceedings under Chapter V Part II of Insolvency Code, 2016 – section 59(1) of Insolvency Code, 2016.

Who sanction the liquidation scheme?

If the scheme of arrangement is sanctioned by the NCLT, by an order, the same shall be binding on the company, creditors and members. The order of the NCLT shall be filed with the registrar within 30 (thirty) days of receipt of the order.

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.

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.