Contact No
+91-9465331815
+91-9465331815
Contact Email
cayogeshmehra@gmail.com
cayogeshmehra@gmail.com
A private pmited company necessitates to be closed, or windup, meanwhile there are no changes or the Directors of the company, is not wilpng to continue its services. Any private pmited company usually can be shut by both 'voluntary' and 'compulsory elements'. Winding up of a company is a pursuit which involves bargaining all the assets, paying off the bankers and administering the remaining assets to the shareholders of the company. It is always challenging to start a business/ company.
The Ministry of Corporate Affairs has notified rules 2020, for winding up small businesses without having to go to a tribunal, under a provision in the Companies Act that offers an alternative to the commonly used pquidation procedure under India’s bankruptcy code. The scope of Company Law in India is unrestricted and extensive; it carries into account the depth of winding up of a business and pquidation of its assets. While 'winding up of a company' if its representatives fail to comply with the laws and regulation, they can get held civilly or criminally pable.
1. Fill an ordinary resolution in the Board of Directors conference.
2. There should be no marketing project in action from the day when the resolution is passed.
3. Constitution by members stating there is no debt pending on company and the required forms are filed.
Once the pquidation method is over, the administrators and all company leaders are free from all lender accounts and pressure.
If the recommendation is passed depberately by directors, they will ignore legal action brought by the court or the tribunal, and provide a program to company directors to focus on other business possibipties.
The price or duties expected in the pquidation method is relatively small, as rates will apply to the sale of assets.
If any company or entity has entered into a lease for a prescribed time, during the pquidation process, it will epminate all the terms and conditions of the contract.
Following a continued struggle, creditors will benefit from the pquidation method as they will be available for a failed payment, concerning the statement of credits given by all creditors.
1. Ultimately ITR and Returns Filed with ROC
2. Winding up petition: Form Comp 1
3. Declaration of truth: Form Comp 2
4. Certification of service: Form Comp 3
5. Announcement of winding up petition
6. A pst of people auditing the hearing: Form Comp 4
7. Preparation of Prepminary Report by IP
8. Submission of Proof of Claim in Form B, in Form C, Form D, Form E, Form F, by post or by Electronic means.
9. PAN Card of the corporation
10. Declaration of the termination of the company’s bank account with NIL contracts.
11. An indemnity bond, which should be notarized by the directors
12. Latest statement of company accounts.
13. Statement of reports related to all assets and pabipties of the company, audited by Chartered Accountant (CA)
14. Apppcation for extracting the name of the company.
15. Indemnity Bond from all the Directors
1. WIN-1 Petition for Winding up other than Company
2. WIN-2 Petition for Winding up by Company
3. WIN-3 Affidavit verifying Petition
4. WIN-4 Statement of Affairs
5. WIN-5 Affidavit of concurrence in statement of affairs
6. WIN-6 Advertisement of Petition
7. WIN-7 Notice of application for appointment of provisional liquidator
8. WIN-8 Order appointing provisional liquidator
9. WIN-9 Notice of appointment of provisional liquidator
10. WIN-10 Disclosure of conflict of interest by liquidator
11. WIN-11 Winding-up Order
12. WIN-12 Notice to Company Liquidator of winding up
13. WIN-13 Notice to registrar for winding up
14. WIN-14 Notice of winding up order
15. WIN-15 Application for leave to commence or continue any suit or proceeding under section 279(1) of the Companies Act, 2013
16. WIN-16 Report of the Company Liquidator under section 281(1
17. WIN-17 Provisional list of contributories
18. WIN-18 Notice to contributory of date fixed to settle list of contributories
19. WIN-19 Affidavit as to the posting of notices fixrng a date for the settlement of the list of contributories
20. WIN-20 List of contributories as settled by Tribunal
21. WIN-21 Notice to contributory of final settlement of list of contributories and that his name is included
22. WIN-22 Affidavit of service of notice on contributory
23. WIN-23 Report of result of meeting of creditors and contributories under section 287(3)
24. WIN-24 Notice to creditors and contributories
25. WIN-25 Notice of meetings of creditors and contributories under section 287(3)
26. WIN-27 Notice of contributories' meeting under section 287(5) of the Companies Act, 2013
27. WIN-28 Notice of Meeting (General Form)
28. WIN-29 Notice of meeting (General Form)
29. WIN-30 Notice to officers of company to attend meeting of creditors or contributories
30. WIN-31 Affidavit as to the posting of notices of meeting
32. WIN-32 Nomination of Chairman by Company Liquidator
33. WIN-33 List of creditors (or contributories) present at a meeting
34. WIN-34 Report of result of meeting(s) of creditors/ contributories held under order of Tribunal dated
35. WIN-35 Form of general proxy
36. WIN-36 Form of special proxy
37. WIN-37 Quarterly Report with respect to progress of winding up under section
38. WIN-38 Declaration disclosing conflict of interest or lack of independence
39. WIN-39 Instructions regarding the preparation of the Statement of Account
40. WIN-40 Affidavit verifying account
41. WIN-41 Company Liquidator's Final Account
42. WIN-42 Requisition for audit of account
43.WIN-43 Advertisement of notice to creditors to prove their claim
44. WIN-44 Affidavit of proof of debt
45. WIN-45 Proof of debt of workmen
46. WIN-46 Notice to a creditor to attend the investigation or produce further evidence
47. WIN-47 Notice of rejection of proof of debt
48. WIN-48 Notice of admission of proof
49. WIN-49 Appeal by creditor
50. WIN-50 Certified list of proofs tendered to, and admitted or rejected by, the Company Liquidator
51. WIN-51 Notice by Company Liquidator requiring payment of money or delivery of property, books, etc., to the Company Liquidator
52. WIN-52 Leave to make call
53. WIN-53 Affidavit in support of application for leave to make a call
54. WIN-54 Advertisement of application for leave to make a call
55. WIN-55 Order giving leave to make a call
56. WIN-56 Document making a call
57. WIN-57 Notice to be served with order sanctioning call
58. WIN-58 Application to enforce call
59. WIN-59 Affidavit in support of application for payment of call
60. WIN-60 Order for payment of call amount due from contributory
60. WIN-61 Application for leave to examine person(s) under section 299
62. WIN-62 Order for examination under section 299
63.WIN-63 Summons to witness for examination under section 299
64.WIN-64 Order directing examination
65.WIN-65 Notice of examination
66. WIN-66 Notice to attend examination
67. WIN-67 Report to the Tribunal where person examined refuses to answer to satisfaction of the person or authority referred to in rule 147
68. WIN-68 Warrant against contributory who fails to attend examination
69. WIN-69 Warrant for keeping in prison
70. WIN-70 Order to release prisoner on bail
71.WIN-71 Requisition to Court in whose jurisdiction the contributory against whom a warrant of arrest has been issued is believed to be
72. WIN-72 Summons under section 339(1) of the Companies Act, 2013
73. Subject WIN-73 Summons under section 340(1) of the Companies Act, 2013
74. WIN-74 Points of claim under section 339(1) of the Companies Act, 2013
75. WIN-75 Points of claim under section 340(1) of the Companies Act, 2013
76. WIN-76 Notice to Liquidator to elect whether he will disclaim
77. WIN-77 Notice by Liquidator of intention to apply to Tribunal for leave to disclaim
78.WIN-78 Summons for extension of time for giving notice of intention to apply for leave to disclaim
79. WIN-79 Order extending time for disclaimer
80. WIN-80 Notice of interest in property sought to be disclaimed
81. WIN-81 Application for leave to disclaim
82. WIN-82 Affidavit in support of summons for leave to disclaim a lease
83. WIN-83 Notice to parties interested in the property in respect of which the application to disclaim is made
84. WIN-84 Order giving leave to disclaim
85. WIN-85 Disclaimer of lease*
86. WIN-86 Notice of disclaimer of lease*
87. WIN-87 Order requiring parties interested in disclaimed lease to apply for vesting order or to be excluded from all interest in the leasehold premises
88. WIN-88 Order vesting lease and excluding persons who have not elected
89. WIN-89 Advertisement as to declaration of dividend
90. WIN-90 Notice of dividend
91. WIN-91 Authority to Company Liquidator to pay dividend to another person
92. WIN-92 Schedule of Contributors to whom contribution is to be paid
93. WIN-93 Notice of return to contributories
94.WIN-94 Statement of unclaimed dividends or undistributed assets,
95. WIN-95 Request to deliver bill
The Companies (Winding-Up) Rules 2020 shall come into effect from the 1st April 2020. The new rules will reduce the burden of the National Company Law Tribunals (NCLTs) by enabling summary procedures for liquidation. Petitions for winding up of companies are subject to various conditions, including thresholds on turnover and paid-up capital.
Thorough Procedure: Cutting-Edge By The Companies (Winding Up) Rules, 2020
A Company Attempting To Wind Up Section 361 Should Adhere To The Below-Mentioned Requirements:
1. The book worth of assets of the company does not exceed Rs 1 crore; and
2. Any one of the below conditions based on the latest audited balance sheet:
1. A firm which has taken deposits, the entire outstanding deposits do not exceed Rs 25 lakh or
2. Company has outstanding loans, the undivided outstanding loan including secured loan does not exceed Rs 50 lakh; or
3. Turnover of the company is up to Rs 50 crore; or
4. Paid-up share capital of the company does not exceed Rs 1 crore.
The central government delegates the Official Liquidator of the company attempting winding up under the review procedure for liquidation.
The Official Liquidator shall dispose of all the assets or property belonging to the company after obtaining the previous approval of the central government. The funds collected by the Official Liquidator shall be discharged into the public account of India in the Reserve Bank of India (RBI) as specified in section 349.
The Official Liquidator has to in thirty days of his nomination call upon the creditors of a company to determine their claims from the company. Within 30 days from the expiry of the time allotted for making claims, the liquidator shall arrange a list of creditors with the Central Government.
1. The Official Liquidator appointed shall take administration or control of all the assets, results and actionable requirements to which the company is entitled or appears to be qualified.
2. The Official Liquidator shall examine into the affairs of the company and tender a report to the Central Government in the designated manner. The report shall consider whether any fraud has been committed in elevation, formation or supervision of the affairs. The announcement should also be made in case the liquidator finds there is no fraud perpetrated.
After examining the investigation report submitted by the Official Liquidator, the Central Government may direct that winding up may be initiated in the same manner in which a company is folded up by the Tribunal.
Note: The prominent feature of this notification is the summary procedure for liquidation proposed through Part V of the Companies (Winding-up) Rules, 2020. An indispensable factor for such summary winding up is that the Central Government will implement required permissions to such companies for the standard winding-up process which is otherwise undertaken through the Tribunal, thereby decreasing the burden on Tribunal and significantly curtailing the overall winding up timelines.
