COMPANY L A W A N D
AR IA L P RA CT IC E II
SECRET
6 – W I N DI N G U P
UNIT
, WINDING UP
• WINDING UP OF A COMPANY IS DEFINED AS A PROCESS BY WHICH THE LIFE OF A COMPANY IS BROUGH
TO AN END AND ITS PROPERTY ADMINISTERED FOR THE BENEFIT OF ITS MEMBERS AND CREDITORS.
WINDING-UP V. DISSOLUTION
At the end of winding up, the company will have no
assets or liabilities. When the affairs of a company are
completely wound up, the dissolution of the company
takes place. On dissolution, the company's name is
struck off the register of the companies and its legal
personality as a corporation comes to an end.
,The procedures for Winding up of companies are provided under Chapter XX of the
Companies Act, 2013 and Insolvency and Bankruptcy Code of India 2016.
Winding Up of a Company
Winding Up by the Tribunal Voluntary Winding Up
Chapter V of
Section 270 of
IBC 2016
the
deals with the
Companies
Voluntary
Act, 2013
lIuidation
, Winding Up by the Tribunal
(Section 270)
Circumstances in Which Company May be Wound Up by Tribunal:
If the affairs of the
If the company has acted
If the company has, by company have been
against the interests of the
special resolution, resolved conducted in a fraudule
sovereignty and integrity
for Winding up manner or formed for
of India,
unlawful purpose
If the company has made a
If the Tribunal is of the
default in filing financial
opinion that it is just and
statement Annual Returns
equitable to Wind up a
- immediately preceding 5
Company.
consecutive F/Y.
AR IA L P RA CT IC E II
SECRET
6 – W I N DI N G U P
UNIT
, WINDING UP
• WINDING UP OF A COMPANY IS DEFINED AS A PROCESS BY WHICH THE LIFE OF A COMPANY IS BROUGH
TO AN END AND ITS PROPERTY ADMINISTERED FOR THE BENEFIT OF ITS MEMBERS AND CREDITORS.
WINDING-UP V. DISSOLUTION
At the end of winding up, the company will have no
assets or liabilities. When the affairs of a company are
completely wound up, the dissolution of the company
takes place. On dissolution, the company's name is
struck off the register of the companies and its legal
personality as a corporation comes to an end.
,The procedures for Winding up of companies are provided under Chapter XX of the
Companies Act, 2013 and Insolvency and Bankruptcy Code of India 2016.
Winding Up of a Company
Winding Up by the Tribunal Voluntary Winding Up
Chapter V of
Section 270 of
IBC 2016
the
deals with the
Companies
Voluntary
Act, 2013
lIuidation
, Winding Up by the Tribunal
(Section 270)
Circumstances in Which Company May be Wound Up by Tribunal:
If the affairs of the
If the company has acted
If the company has, by company have been
against the interests of the
special resolution, resolved conducted in a fraudule
sovereignty and integrity
for Winding up manner or formed for
of India,
unlawful purpose
If the company has made a
If the Tribunal is of the
default in filing financial
opinion that it is just and
statement Annual Returns
equitable to Wind up a
- immediately preceding 5
Company.
consecutive F/Y.
