MODES OF WINDING UP Under Companies Act 2013
MODES OF WINDING UP cs professional notes corporate restructuring Under Companies Act 2013, the Company may be wound up in any of the following modes: 1. By National Company Law Tribunal (Tribunal); 2. Voluntary winding up: 1. Grounds on which a Company may be wound up by the Tribunal 2. A company under Section 271(1) may be wound up by the tribunal if (a) if the company is unable to pay its debts; (b) if the company has, by special resolution, resolved that the company be wound up by the Tribunal; (c) if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality; (d) if the Tribunal has ordered the winding Rehabilitation of Sick Companies); (e) if on an application made by the Registrar or any other person authorized by the Central Government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up; ..........................................
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