Section Text
If any such company or other body corporate,1[***] is liable to be wound up under this Act and it appears to the Central Government from any such report as aforesaid that it is expedient so to do by reason of any such circumstances as are referred to in sub-clause (i) or (ii) of clause (b) of section 237, the Central Government may, unless2[the company or body corporate,] is already being wound up by the3[Tribunal], cause to be presented to the3[Tribunal] by any person authorised by the Central Government in this behalf-
(a) a petition for the winding up of2[the company or body corporate,] on the ground that it is just and equitable that it should be wound up;
(b) an application for an order under section 397 or 398;
(c) both a petition and an application as aforesaid.
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1 . Certain words omitted by Act 53 of 2000, Section 121 (w.e.f. 13-12-2000).
2 . Substituted by Act 53 of 2000, Section 121, for certain words (w.e.f. 13-12-2000).
3 . Substituted by Act 11 of 2003, Section 32, for "Court".