Winding up of unregistered companies: tribunal may order compulsory winding up for insolvency, dissolution, or just and equitable grounds. Unregistered companies may be wound up under the Act subject to specified exceptions; they cannot be wound up voluntarily. Compulsory winding up arises where the company is dissolved, has ceased business or carries on solely to wind up, is unable to pay its debts, or where the Tribunal finds it just and equitable. Inability to pay is evidenced by a creditor's formal demand followed by prescribed non-payment, by service of suit-related notice with prescribed failure to respond, by execution returned unsatisfied, or by other proof to the Tribunal. The Tribunal may approve modes of service and determine insolvency on other satisfactory evidence.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Winding up of unregistered companies: tribunal may order compulsory winding up for insolvency, dissolution, or just and equitable grounds.
Unregistered companies may be wound up under the Act subject to specified exceptions; they cannot be wound up voluntarily. Compulsory winding up arises where the company is dissolved, has ceased business or carries on solely to wind up, is unable to pay its debts, or where the Tribunal finds it just and equitable. Inability to pay is evidenced by a creditor's formal demand followed by prescribed non-payment, by service of suit-related notice with prescribed failure to respond, by execution returned unsatisfied, or by other proof to the Tribunal. The Tribunal may approve modes of service and determine insolvency on other satisfactory evidence.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
