State the circumstances in which a company may be wound up by the court.

As per section 241, a Company shall be wound up if the Company:

i. Passed a special resolution for winding up of the company by court.

ii. Fails to furnish statutory report or fails to hold statutory meeting.

iii. Suspend its business operation for one year or fails to commence business within one year of its
incorporation.

iv. Members reduced to less than 2 or 7 for Private & Public Limited Company respectively.

v. Unable to pay its debt.

vi. Court is satisfied that it is just and equitable to wind-up the Company.