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of <h1>Section 274 on winding-up petitions: strict timelines, security for costs, and penalties for non-compliant companies and officers</h1> Section 274 mandates that when a winding-up petition is filed by a person other than the company, the Tribunal, upon finding a prima facie case, shall order the company to file objections and a statement of affairs within thirty days, extendable by another thirty days in special circumstances, and may require the petitioner to provide security for costs. Failure to file the statement bars the company from opposing the petition and exposes responsible directors and officers to punishment. Where a winding-up order is made, directors and officers must submit audited books of account to the liquidator within thirty days. Contravention attracts imprisonment up to six months, a fine between twenty-five thousand and five lakh rupees, or both, with complaints filed before the Special Court by specified authorities.
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