Published on: Mar 3, 2016
Transcripts - Nasir c.law
CompulsoryWinding Up byTribunal By:- Nasir Yaseen
Grounds For Compulsory Winding Up U/S 433 Special Resolution U/S 433 [a] Default In Holding Statuary Meeting U/S 433 [b] Failure To Commence Business U/S 433 [c] Reduction Of Members U/S 433 [d] Inability to pay debts U/S 433 [e] Just And Equitable U/S 433 [f] No Filling OF B/S And P/L Account With Registrar U/S 433[g] Company Acts Against Sovereignty And Integrity U/S 433 [h] If Circumstances U/S 424G Exist
Special Resolution Default In HoldingU/S 433 [a] Statuary Meeting U/S 433 [b]Company resolution Statuary meetingresolved. within 6 months.Opposition by public Statuary reportor company interest. delivered to Registrar.
Failure To Reduction Of MembersCommence Business U/S 433 [d]U/S 433 [c] 7 in public co.Commence business 2 in private co.within a year. Members liable ifBusiness suspended continues.temporarily. Escape for membersCompany doing from personal liability.business abroad.
Inability to pay debts Just And EquitableU/S 433 [e] U/S 433 [f]Commercially Wide powers tosolvent. Tribunal.Assets realized less. Loss of substratum. Deadlock in management Oppression of minority Fraudulent purpose
No Filling OF B/S And Company ActsP/L Account With Against SovereigntyRegistrar U/S 433[g] And Integrity U/S 433 [h]Default in filling B/Sand P/L. Against freedom or development ofReturn of 5 country.consecutive years.
If Circumstances U/S 424G ExistSick industrial units became viable.
Petition For Winding Up U/S 439 Following can make petition. Company U/S 439a Creditors U/S 439b Contributory petition U/S 439c Joint petition U/S 439d Registrar petition U/Se Person authorized by govt. U/S 439f Central or state govt. U/S 433[h] Official liquidator petition U/S 440
Company U/S Creditors U/S 439b439aDirectors passing Including everyone.special resolution atgeneral meeting. Cr’s must not be disputed.Company isinsolvent. Pecuniary claim.Its rare because ofvoluntarily windingup.
Contributory petition Joint petition U/SU/S 439c 439dPersons liable tocontribute in assets. Joint petition by creditors andMembers reduction contributories.7 in public2 in private.
Registrar petition Person authorized byU/Se govt. U/S 439fDefault in statuaryreport. After inspection govt. can do so.Commencebusiness. Registrar can alsoMembers reduced. move application onUnable to pay debts. behalf.Failing in presentingB/S and P/L accountor 5 year return.
Central or state govt. Official liquidatorU/S 433[h] petition U/S 440Against interest of When voluntarilycountry. winding up fails.Only govt. can move Liquidator can moveapplication. an application.
Official Liquidator Appointment. Remuneration. Duties. Rights/Powers.
Appointment Maybe appointed by panel of experts U/S448a Corporate bodies by govt. U/S 448b Whole or part time officer by govt. U/S 448c
Remuneration Approved by Tribunal. Not more than 5% of debt realized. By govt.
Duties To submit preliminary report. To take company assets. Comply with directors. Summon meetings . Directions from Tribunal. To keep proper books. To submit accounts. Committee of inspection. Information about pending liquidation. Payments to Public accounts Of India.
Rights/Powers Sanctioned Rights Born Rights U/S 457 U/S457 Forwhich sanction These are enabled is needed by Rights Tribunal.
THANK YOU Nasir Yaseen Corporate Law