The Companies Act

Circumstances in which company may be wound up by Tribunal

Petition for winding up

Powers of Tribunal

Directions for filing statement of affair

Company Liquidators and their appointment

Removal and replacement of liquidato

Intimation to Company Liquidator, provisional liquidator and Registra

Effect of winding up order

Stay of suits, etc., on winding up order

Jurisdiction of Tribunal

Submission of report by Company Liquidato

Directions of Tribunal on report of Company Liquidator

Custody of company‘s propertie

Promoters, directors, etc., to cooperate with Company Liquidator

Settlement of list of contributories and application of assets

Obligations of directors and managers

Advisory Committee

Submission of periodical reports to Tribunal

Power of Tribunal on application for stay of winding up

Powers and duties of Company Liquidator

Provision for professional assistance to Company Liquidato

Exercise and control of Company Liquidator‘s powers

Books to be kept by Company Liquidato

Audit of Company Liquidator‘s accounts

Payment of debts by contributory and extent of set-off

Power of Tribunal to make calls

Adjustment of rights of contributories

Power to order costs

Power to summon persons suspected of having property of company, etc

Power to order examination of promoters, directors, etc

Arrest of person trying to leave India or abscond

Dissolution of company by Tribunal

Appeals from orders made before commencement of Act


PART I.--Winding up by the Tribunal


The order for the winding up of a company shall operate in
favour of all the creditors and all contributories of the company as if it had been made out on the joint
petition of creditors and contributories.


LAWGIST

# 278 Effect of winding up order