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of <h1>Section 270 Companies Act now limits winding up to Part I procedures, aligning company closure with insolvency regime</h1> Section 270 of the Companies Act, 2013, as substituted by the Insolvency and Bankruptcy Code, 2016, provides that winding up of a company by the Tribunal is governed exclusively by the provisions contained in Part I of Chapter XX of the Act. It replaces the earlier framework that recognized two modes of winding up-by the Tribunal and voluntary-and had made the Act applicable to both modes. After the amendment, the section is confined to Tribunal-based winding up, aligning company winding-up procedures with the insolvency and bankruptcy regime, and clearly directing that the detailed rules in Part I apply whenever the Tribunal undertakes the winding-up process.
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