https://www.taxtmi.com/caselaws?id=97136 Section 216 of the Indian Companies Act can be invoked only by a person with valid legal status in the winding up, and an opponent may challenge the applicant's locus by disputing the validity of the alleged voluntary liquidation. A members' voluntary winding up requires compliance with mandatory statutory formalities, including the declaration of solvency; absence of that declaration prevents the proceeding from being treated as valid and renders the liquidators' appointment ineffective. Relief under section 216(2) does not extend to attachments, distress, or execution already made and enforced before commencement of winding up, and the court may refuse relief where the liquidation procedure itself is irregular. en-us Fri, 14 Sep 1951 00:00:00 +0530 Sat, 14 Jan 2012 11:48:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97136 Section 216 of the Indian Companies Act can be invoked only by a person with valid legal status in the winding up, and an opponent may challenge the applicant's locus by disputing the validity of the alleged voluntary liquidation. A members' voluntary winding up requires compliance with mandatory statutory formalities, including the declaration of solvency; absence of that declaration prevents the proceeding from being treated as valid and renders the liquidators' appointment ineffective. Relief under section 216(2) does not extend to attachments, distress, or execution already made and enforced before commencement of winding up, and the court may refuse relief where the liquidation procedure itself is irregular. Case-Laws Companies Law Fri, 14 Sep 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97136