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ADVERTISEMENTS: (iii) Not commencing or suspending the Company: If the company does not commence its business within a year from its incorporation, or suspends its business for a whole year; (iv) Reduction of Members: If the number of members falls below seven in case of a public company or below two in case of a private company; (v) Inability to pay Debts: If the company is unable to pay its debts; (vi) The Just and Equitable Clause: If the Court is of opinion that it is just and equitable that the company should be wound-up. Petition: i.e., Who can apply for Winding-up? ADVERTISEMENTS: A petition for the winding-up of a company may be presented by any one of the following entities: (a) By the Company [Sec. 439(1) (a)]; (b) By any Creditor [Sec. 439(1) (b)]; (c) By any Contributory [Sec.

Declaration is not made and delivered, the company’s winding up is considered to be a creditors’ voluntary winding up. Dissolution and Winding Up. Debug Query History (1 Query) SELECT id, category, name, value FROM config; Statistics. Script Execution Time: 0.017 seconds.

439(1) (c)]; (d) By a Registrar [Sec. 439(1)(e)]; and (e) By any person authorized by the Central Government [Sec.

Commencement of Winding-Up: The winding-up of a company by the Court is deemed to commence from the time of the presentation of the petition for winding-up (Sec. Where there is a resolution for voluntary winding-up, before the presentation of the petition to Court, the winding-up is deemed to commence from the date of the resolution. But the Court may direct otherwise in cases of fraud and mistake. Powers of Court on Hearing Petition (Sec. 443): The court may, on hearing a petition: (a) Dismiss it with or without costs; or (b) Adjourn the hearing conditionally or unconditionally; or (c) Make any interim order that it thinks fit; or (d) Make an order for winding-up of the company with or without costs or any other order as it thinks fit. Adventist 28 Fundamental Beliefs Pdf here.

Consequences of Winding-up Order: If the court makes an order for winding-up, its consequences date back to the commencement of winding- up. The other consequences of winding-up by the Court are: (a) Intimation to official liquidator and Registrar (Sec. 444); (b) Copy of Winding-up order to be filed with the Registrar; (c) Order for winding-up deemed to be notice of discharge [Sec. Bring Up Genius Laszlo Polgar Pdf.

445(2)]; (d) Suits stayed [Sec. 446(1)]; (e) Powers of the Court [Sec. 446(2)]; (f) Effect of winding-up order (Sec. 447); (g) Official Liquidator to be liquidator (Sec. Procedure of Winding-Up Order by the Court [ Official Liquidator (Sec. 448)]: Appointment: The Companies Act, 1956, provides that in each High Court there must be attached an officer known as the Official Liquidator appointed by the Central Government. There may also be Deputy or Assistant Official Liquidator.

Upon the presentation of a petition for winding-up, the Court may appoint the official liquidator as the provisional liquidator. When the winding-up order is passed, the official liquidator becomes the liquidator of the company (Sec. Powers of the Liquidators (Sec.