Earlier Voluntary winding up was dealt under section 304-323 of the. A-02 NCC A-1508-082019.
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STEP-1 CONVENE A BOARD.
. Yes the nclt can pass an order inter alia admitting a petition under sections 7 or 9 of the ibc against a company. Voluntary winding up is a process of winding up in which company wounds up on its own motion. The Voluntary winding up process applies where the directors and shareholders decide to cease trading their solvent limited company.
The Insolvency and Bankruptcy Code 2016 swapped S434 of the Companies Act 2013 to ratify a provisional regime from winding up to the IBC. 53 However the sections which will be affected most will be the old. Commencement of winding up was upon the presentation now it is upon the winding up order.
Section 271 of the companies act 2013 which provides for winding up by the tribunal in circumstances other than the inability to pay debt and section 255 of insolvency. A notice of demand by virtue of section 465 of the Companies Act 2016 is to be served on the company demanding the company to settle its outstanding debt. This case mainly discusses on the ambit and applicability of Section 465 1 j of the Companies Act 2016 CA 2016 as a ground for.
Section 2 94A of the Companies Act 2013 gives the arrangement of wrapping up signifies ending up under this Act or liquidation under the indebtedness and Bankruptcy Code2016. Procedure for Voluntary Winding-up of A Company Steps 1 Conduct a board meeting with Directors and pass a resolution with a given declaration of directors that. Section 270 of the Companies Act.
According to section 272 sub-section 1 of the companies act 2013 the petition for winding up of a company could only be presented by the company any contributor creditor of. Section 619 6 of the CA 2016 states that a company which is in the course of winding-up immediately before the commencement of the Act shall continue to be wound up under the. Section 4324 of the Companies Act 2016 provides for two ways in which a company may be wound-up which are via voluntary winding-up or compulsory winding up.
Winding up under this Act or liquidation under Insolvency and Bankruptcy Code 2016 It means after November 15 2016 winding up of the companies started governed by the. The replaced S434 1 c. The procedures for Winding up of companies are provided under Chapter XX of the Companies Act 2013 and Insolvency and Bankruptcy Code 2016.
74 in summation the specific answer to the 1 st issue is. Even after winding-up proceedings have begun against a company the Companies Act 2016 CA 2016 provides certain safeguards to ensure that the assets of the. Section 466 1 a of the Companies Act 2016 is equivalent to Section 218 2 a of the Companies Act 1965 As provided above a party may only initiate a winding.
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