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Summary liquidation powers allow government to order winding up and appoint Official Liquidator with mandatory fraud inquiry. Where a company falls within prescribed classes and its assets do not exceed the statutory threshold, the Central Government may order summary winding up and appoint the Official Liquidator. The Official Liquidator must immediately take custody of all assets, effects and actionable claims and, within thirty days, submit a prescribed report including an opinion on any fraud in the company's promotion, formation or management. If fraud is suspected, the Government may order further investigation and then decide whether to continue under ordinary winding up or the summary procedure.
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.
<h1>Summary liquidation powers allow government to order winding up and appoint Official Liquidator with mandatory fraud inquiry.</h1> Where a company falls within prescribed classes and its assets do not exceed the statutory threshold, the Central Government may order summary winding up and appoint the Official Liquidator. The Official Liquidator must immediately take custody of all assets, effects and actionable claims and, within thirty days, submit a prescribed report including an opinion on any fraud in the company's promotion, formation or management. If fraud is suspected, the Government may order further investigation and then decide whether to continue under ordinary winding up or the summary procedure.
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