272/2018 – Decided on 09.07.2019) (Coram – Justice A.I.S. POWERS OF REGISTRAR FOR MAKING AN APPLICATION OF WINDING UP • Section 271 sub section (e) of the act provides that if the company has made a default in filing with the Registrar its financial statements or annual returns for … Tag: Section 272 of Companies Act 2013. Sudarshan TV Channel- a company registered under the Companies Act, 2013- in accordance with Sections 271(b) read with Section 272(1)(f) of that Act. There are changes that may be brought into force at a future date. Through a notification issued under the Code, section 270, which provided for the different modes of winding up, has been substituted so as to include only winding up by the tribunal. under Companies Act 2013 CA Udayraj Patwardhan Insolvency Professional B. Companies Act, 2013 ; Section 272 Effective Date: 15/12/2016. A company may be wound up by the Tribunal on a petition filed under Section 272 of the Act. S.O. 1 . Powers of Registrar for making an application of winding up . Only five documents can be opened in tabs. The same is now dealt with in accordance with the provisions of Section 7 to 9 of the Code, being the initiation of corporate insolvency resolution process by financial and operational creditors. For more videos:Meeting of Boar... YeliSmar. The company may, on a petition under section 272, be winding up by the Tribunal,-If the company is unable to pay its debts; If the company has, by special resolution, resolved that the company be wound up by the tribunal; Company as Petitioner (272(a)): The Company may present a petition for Compulsory Winding Up if a special resolution has been passed to that effect. Subscribe to Archna Sukhija. The company may be wound up by Tribunal – If the company is unable to pay its debts; If the company has resolved by special resolution that the company be wound up by the Tribunal; If the company has acted against the interests of the sovereignty and integrity of India, its security of the … April 11, 2020 July 31, 2020 by Akash Kori 2 Comments on Petition for Winding Up. Circumstances in Which Company May be Wound Up by Tribunal. Suspension of the business for one year from the date of incorporation or … The present video is based on Chapter XX of Companies Act, 2013 and covers section 271 and 272. The Companies Act, 2013 provided for effective bound winding-up process. Revised legislation carried on this site may not be fully up to date. I. WINDING UP OF A COMPANY BY A TRIBUNAL:-As per Companies Act 1956, a company can be wound up by a tribunal on the basis of the following reasons: 1. 271. It is unlikely that the NCLT would pass an order to wind up the company if it is used as a ploy to evade the Code. 1. Insolvency & Bankruptcy Code, 2016, National Company Law Tribunal (NCLT) Petition for Winding Up. Section 271(1)(a) of 2013 Companies Act, which dealt with the winding up be Tribunal on account of inability to pay debts has been omitted by Section 255 of The Insolvency and Bankruptcy Code, 2016. Clause (c) and (d) of sub-section (7) of section 7 Incorporation of company 3. Changes to Legislation. According to Section 272 by the Companies Act, 2013 the following individuals have the authority to file for a compulsory winding up procedure under Companies Act. Companies (Winding-Up) Rules, 2020 . [Corresponds to Section 439 of the Companies Act, 1956] (1) Subject to the provisions of this section, a petition to the Tribunal for the winding up of a company shall be presented by— (a) the company; Changes Introduced in Sections 270, 271 & 272 of the Companies Act, 2013 and in the Code. As per section 270 of the Companies Act 2013, the procedure for winding up of a company can be initiated either – a) By the tribunal or, b) Voluntary. Warning: Some amendments have not yet been incorporated; Search within this Act. S.O. Section 273 of Companies Act 2013: Powers of Tribunal. CIRCUMSTANCES UNDER WHICH COMPANY MAY BE WOUND UP BY TRIBUNAL AS PER SECTION 271 AND SECTION 272 OF THE COMPANIES ACT, 2013 5. The Code has brought about certain changes in sections 270, 271 and 272 of the Companies Act, 2013. (Company Appeal (AT) No. Circumstances in which company may be wound up by Tribunal.— A company may, on a petition under Section 272, be wound up by the Tribunal,— (a) if the … Provisions of other acts referred to in companies act, 2013; Ready Reckoner . MCA vide Notification No. If you continue, tabs opened first shall be closed. Companies Act, 2013 Chapter XXWinding Up Part IWinding Up by the Tribunal Section 273: Powers of Tribunal “273. (1) The Tribunal may, on receipt of a petition for winding up under section 272 pass any of the following orders, namely:— (a) dismiss it,… Read More Section 273: Powers of Tribunal. X X X X Extracts X X X X..... his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him through the death of a former holder. 3676 (E) dated 07.12.2016] Section 272- Petition for winding up. However, on 4 th of January 2017, nearly three months after the notice was served, Mrs. Seema Gupta (mistakenly) filed a winding up petition u/s 271(1) read along with section 272 of the Companies Act, 2013 (New Act) for winding up of the Debtor Company, and thereafter soon on 21 st February 2017, filed an application u/s 9 of the Code for initiation of insolvency resolution process … All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and because of no much space to play. Cheema and Mr. Balvinder Singh) [Highlights: The provision of purchase of minority shareholding under Section 236 of the Companies Act, 2013 is only applicable to cases of an amalgamation, share exchange, conversion of securities or for other similar reasons, and not every case where 90% or more … The first part of the series discussed winding-up of a company under the Companies Act, 2013 the concluding section will focus on Insolvency and Bankruptcy Code, 2016 and Winding-up Rules, 2020. 3677(E) dated 07.12.2016. Petition for Winding Up. Section 186 of Companies Act, 2013 (“the 2013 Act”) Section 372A of Companies Act, 1956 (“the 1956 Act”) Heading of Section: Loan and Investment by Company: Inter Corporate-Corporate Loans and Advances. Standards Main Objects; Chapterwise Compliances; Procedures Attachments Required For Forms; My Compliances; Formats Approvals required under Companies Act,2013 ; Corporate Social Responsibility (CSR) Resolutions Designations under The Companies Act, 2013; Annual General Meeting; Notices; List of … Get updated database on company laws, companies act 2013, SEBI act and securities laws, sebi act amendment act, securities law amendment act, etc. 272. Share this & earn $10. Prerequisites for opting Voluntary Liquidation. The Company; Any Contributory; The Registrar; Any person authorized by the Central Government in that behalf; If it falls under clause (b) of Section 271, then by Central or State Government. Under section 272 of the 2013 Act, a company has to file a statement of affairs of the company, including its books of accounts, when filing a winding up petition. 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