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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Ministry of Corporate Affairs Streamlines Winding-Up Petitions with New Data Requirements and Standardized Procedures.</h1> The circular from the Ministry of Corporate Affairs addresses the inefficiencies in the process of winding up petitions filed without complete information. To expedite and align with international practices, Official Liquidators (OLs) are instructed to monitor cases, obtain necessary data from High Court registers, and file applications for detailed information verified by a chartered accountant. This includes directors' addresses, asset details, financial statements, and employee information. Regional Directors (RDs) must ensure applications are filed promptly and prepare a standard draft for consistent use in all cases. These measures aim to reduce court delays and streamline the winding-up process.
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