How do you draft a winding up petition?
The winding up petition should explicitly mention the grounds of case and the relief sought. Each detail about debts, creditors, etc shall be individually mentioned and verified. All the relevant data should be attached in the form of annexures and schedules.
Can I present a winding up petition?
If the petition is based on an unsatisfied judgment or order of the court, a creditor can commence proceedings for winding up with no restriction on the level of liability. The just and equitable ground for presenting a winding-up petition may be used in several circumstances.
Where do you serve a winding up petition?
If the debtor company has no registered office or the company is unregistered then the petition can be served by leaving it at the company’s last known principal place of business or upon the director, manager or secretary of the company (wherever that person may be found).
Who can file petition for winding up under section 272?
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.
What is winding up petition India?
“A winding up petition is a perfectly proper remedy for enforcing payment of a just debt. It is the mode of execution which the Court gives to a creditor against a company unable to pay its debts.” It is possible in the case of insolvent companies.
Who can file petition for winding up of company?
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.
What are the types of winding up?
- Compulsory Winding Up under the order of the Court.
- Voluntary Winding Up, which itself is of two kinds: Members’ Voluntary Winding Up. Creditor’s Voluntary Winding Up.
What are the grounds for winding up a company?
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:
Can I serve a statutory demand during Covid?
The Corporate Insolvency & Governance Act 2020 came into force on 26 June 2020 to support businesses affected by COVID-19. … The Act currently provides that creditors cannot proceed with a winding up petition on account of an outstanding statutory demand served between 1 March 2020 and 30 June 2021.
Do you have to serve a statutory demand before a winding up petition?
The difference between being served with a Statutory Demand or a Winding-Up Petition (WUP) is where they are in the insolvency process. In simple terms a Statutory Demand comes before a Winding-Up Petition, but it isn’t a formal requirement that a Statutory Demand must be served.
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 …