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        Bills

        Clause 278 - Effect of winding up order.

        Companies Bill, 2011
        Chapter XX - Part I
        Winding up by the Tribunal

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        Winding up order operates in favour of creditors and contributories as if made by a joint petition. A Tribunal order for the winding up of a company operates in favour of all creditors and all contributories of the company, and is treated as if made on the joint petition of creditors and contributories, thereby consolidating the legal position of those classes in the winding up.
                          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 order operates in favour of creditors and contributories as if made by a joint petition.

                                A Tribunal order for the winding up of a company operates in favour of all creditors and all contributories of the company, and is treated as if made on the joint petition of creditors and contributories, thereby consolidating the legal position of those classes in the winding up.


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