Quick Answer: In what circumstances a company may be wound up on a petition u/s 272 by the Tribunal?

In what circumstances a company may be wound up on a petition under section 272 by the Tribunal?

c. if it is proved to the satisfaction of the Tribunal that the company is unable to pay its debts, and, in determining whether a company is unable to pay its debts, the Tribunal shall take into account the contingent and prospective liabilities of the company.

In which of the following circumstances a company may be wound up by the Tribunal?

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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What are the grounds on which a company may be wound up by the Tribunal discuss with reference to the relevant statutory provisions and case laws?

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. With the passing of Insolvency and Bankruptcy Code, grounds of inability to pay debt and winding up under have been deleted.

In what circumstances the company can be wound up voluntarily?

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.

What are the grounds under Section 271 of Companies Act 2013 by which tribunal may order winding up of a company?

The circumstances under which a company can be wound up by Tribunal have been clearly enlisted in Section 271 as follows : (a) passing of special resolution to that effect; (b) acting against the sovereignty and integrity of India, security of state, friendly relations with foreign states, public order, decency or …

Can a company be wound up by the order of Nclt?

A company may be wound up as members’ voluntary winding up, if a declaration of the company’s solvency is made by its directors, or where there are more than 2 directors by the majority of directors, at Board meeting, that they are of opinion that the company has no debts, or that it will be able to pay its debts in …

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Can a company be wound up by the order of the national company tribunal?

Under Companies Act, 2020 a Company may be wound up by the tribunal under Section 272 of Companies Act, 2013. On Companies (amendment) Act, 2002 NCLT and NCLAT were formed.

When can a company be wound up?

If the Company has made a default in filing with the Registrar its financial statements or annual returns for immediately preceding five consecutive financial fiscal years; or. If the Tribunal is of the opinion that it is just and equitable that the Company should be wound up.

What are the various grounds on which the company can be wound up?

6 Grounds on which a Court can Order a Winding up of a Company in…

  • Passing of special resolution for the winding up: …
  • Default in holding statutory meeting: …
  • Failure to commence business: …
  • Reduction in membership: …
  • Inability to pay debts: …
  • Just and equitable: