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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 583 of the Companies Act: Winding Up Unregistered Companies for Debt, Dissolution, or Just and Equitable Grounds.</h1> Section 583 of the Companies Act, 1956, outlines the process for winding up unregistered companies, applicable under specific conditions. An unregistered company may be wound up if it is dissolved, has ceased operations, is unable to pay its debts, or if it is deemed just and equitable by the Tribunal. The inability to pay debts is determined if a creditor's demand remains unmet for three weeks, if legal proceedings against a member remain unresolved, or if a court order against the company is unsatisfied. Voluntary winding up by the Tribunal is not permitted.
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