No assets and no liabilities requirement in simplified exit scheme mandates companies satisfy that condition before administrative strike-off. Regional Directors/ROCs must process prior section 560 applications and adopt a new affidavit clause (Annexure B, 6A) affirming the company 'has no assets and no liabilities' as of the affidavit date. The 'no assets and no liabilities' condition is mandatory for SES eligibility. Companies deemed defunct remain eligible but must comply with SES filing requirements-including affidavits, accounts and indemnities-before ROC will effect strike-off. Timely-filed applications may be rectified later; residence and identity proofs may be attested by Gazetted Officers or by Chartered Accountants/Company Secretaries, with affidavits as alternatives; section 25 companies are excluded.
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.
No assets and no liabilities requirement in simplified exit scheme mandates companies satisfy that condition before administrative strike-off.
Regional Directors/ROCs must process prior section 560 applications and adopt a new affidavit clause (Annexure B, 6A) affirming the company "has no assets and no liabilities" as of the affidavit date. The "no assets and no liabilities" condition is mandatory for SES eligibility. Companies deemed defunct remain eligible but must comply with SES filing requirements-including affidavits, accounts and indemnities-before ROC will effect strike-off. Timely-filed applications may be rectified later; residence and identity proofs may be attested by Gazetted Officers or by Chartered Accountants/Company Secretaries, with affidavits as alternatives; section 25 companies are excluded.
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