Saturday, January 19, 2019

Who are authorized to make an application to the court for the winding up of a company?

Application to the Court for winding-up:

According to Section 239, the winding-up of a Company may be done in any one of the following three ways:

1. Compulsory winding up by court;
2. Voluntary winding up by the members or by creditors.
3. Voluntary winding up under the supervision of the court.

In above all cases winding up may be made by the application of:

i. Any member of the Company with the special resolution;
ii. Any member of the Company with the Extra-ordinary resolution;
iii. The regulatory authority in case of default in filing the statutory meeting, report, etc.;
iv. Any creditors/members if the Company is unable to pay its debts.

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