Title : Power of Tribunal on Application for Stay of Winding Up
State : Central
Year : 2013
(1) The Tribunal may, at any time after making a winding up order, on an application of promoter, shareholders or creditors or any other interested person, if satisfied, make an order that it is just and fair that an opportunity to revive and rehabilitate the company be provided staying the proceedings for such time but not exceeding one hundred and eighty days and on such terms and conditions as it thinks fit: Provided that an order under this sub-section shall be made by the Tribunal only when the application is accompanied with a scheme for rehabilitation. (2) The Tribunal may, while passing the order under sub-section (1), require the applicant to furnish such security as to costs as it considers fit. (3) Where an order under sub-section (1) is passed by the Tribunal, the..... View Complete Act List Judgments citing this sectionTitle : Circumstances in Which Company May Be Wound Up Voluntarily
State : Central
Year : 2013
A company may be wound up voluntarily,-- (a) if the company in general meeting passes a resolution requiring the company to be wound up voluntarily as a result of the expiry of the period for its duration, if any, fixed by its articles or on the occurrence of any event in respect of which the articles provide that the company should be dissolved; or (b) if the company passes a special resolution that the company be wound up voluntarily. View Complete Act List Judgments citing this sectionTitle : Publication of Resolution to Wind Up Voluntarily
State : Central
Year : 2013
(1) Where a company has passed a resolution for voluntary winding up and a resolution under sub-section (3) of section 306 is passed, it shall within fourteen days of the passing of the resolution give notice of the resolution by advertisement in the Official Gazette and also in a newspaper which is in circulation in the district where the registered office or the principal office of the company is situate. (2) If a company contravenes the provisions of sub-section (1), the company and every officer of the company who is in default shall be punishable with fine which may extend to five thousand rupees for every day during which such default continues. View Complete Act List Judgments citing this sectionTitle : Company Liquidator to Submit Report on Progress of Winding Up
State : Central
Year : 2013
(1) The Company Liquidator shall report quarterly on the progress of winding up of the company in such form and in such manner as may be prescribed to the members and creditors and shall also call a meeting of the members and the creditors as and when necessary but at least one meeting each of creditors and members in every quarter and apprise them of the progress of the winding up of the company in such form and in such manner as may be prescribed. (2) If the Company Liquidator fails to comply with the provisions of sub-section (1), he shall be punishable, in respect of each such failure, with fine which may extend to ten lakh rupees. View Complete Act List Judgments citing this sectionTitle : Arrangement when Binding on Company and Creditors
State : Central
Year : 2013
(1) Any arrangement other than the arrangement referred to in section 319 entered into between the company which is about to be, or is in the course of being wound up and its creditors shall be binding on the company and on the creditors if it is sanctioned by a special resolution of the company and acceded to by the creditors who hold three-fourths in value of the total amount due to all the creditors of the company. (2) Any creditor or contributory may, within three weeks from the completion of the arrangement, apply to the Tribunal and the Tribunal may thereupon amend, vary, confirm or set aside the arrangement. View Complete Act List Judgments citing this sectionTitle : Power to Apply to Tribunal to Have Questions Determined, Etc.
State : Central
Year : 2013
(1) The Company Liquidator or any contributory or creditor may apply to the Tribunal-- (a) to determine any question arising in the course of the winding up of a company; or (b) to exercise as respects the enforcing of calls, the staying of proceedings or any other matter, all or any of the powers which the Tribunal might exercise if the company were being wound up by the Tribunal. (2) The Company Liquidator or any creditor or contributory may apply to the Tribunal for an order setting aside any attachment, distress or execution put into force against the estate or effects of the company after the commencement of the winding up. (3) The Tribunal, if satisfied on an application under sub-section (1) or sub-section (2) that the determination of the question or the required exercise..... View Complete Act List Judgments citing this sectionTitle : Fraudulent Preference
State : Central
Year : 2013
(1) Where a company has given preference to a person who is one of the creditors of the company or a surety or guarantor for any of the debts or other liabilities of the company, and the company does anything or suffers anything done which has the effect of putting that person into a position which, in the event of the company going into liquidation, will be better than the position he would have been in if that thing had not been done prior to six months of making winding up application, the Tribunal, if satisfied that, such transaction is a fraudulent preference may order as it may think fit for restoring the position to what it would have been if the company had not given that preference. (2) If the Tribunal is satisfied that there is a preference transfer of property, movable or..... View Complete Act List Judgments citing this sectionTitle : Transfers, Etc., After Commencement of Winding Up to Be Void
State : Central
Year : 2013
(1) In the case of a voluntary winding up, any transfer of shares in the company, not being a transfer made to or with the sanction of the Company Liquidator, and any alteration in the status of the members of the company, made after the commencement of the winding up, shall be void. (2) In the case of a winding up by the Tribunal, any disposition of the property, including actionable claims, of the company, and any transfer of shares in the company or alteration in the status of its members, made after the commencement of the winding up, shall, unless the Tribunal otherwise orders, be void. View Complete Act List Judgments citing this sectionTitle : Penalty for Frauds by Officers
State : Central
Year : 2013
If any person, being at the time of the commission of the alleged offence an officer of a company which is subsequently ordered to be wound up by the Tribunal or which subsequently passes a resolution for voluntary winding up,-- (a) has, by false pretences or by means of any other fraud, induced any person to give credit to the company; (b) with intent to defraud creditors of the company or any other person, has made or caused to be made any gift or transfer of, or charge on, or has caused or connived at the levying of any execution against, the property of the company; or (c) with intent to defraud creditors of the company, has concealed or removed any part of the property of the company since the date of any unsatisfied judgment or order for payment of money obtained against the..... View Complete Act List Judgments citing this sectionTitle : Books and Papers of Company to Be Evidence
State : Central
Year : 2013
Where a company is being wound up, all books and papers of the company and of the Company Liquidator shall, as between the contributories of the company, be prima facie evidence of the truth of all matters purporting to be recorded therein. View Complete Act List Judgments citing this section