Provisions as to applications for winding up.

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....;  (a) by the company; or      (b) by any creditor or creditors, including any contingent or prospective creditor or creditors; or      (c) by any contributory or contributories; or      (d) by all or any of the parties specified in clauses (a), (b) and (c), whether together or separately; or      (e) ....

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....have no assets at all, or may have no surplus assets left for distribution among the shareholders after the satisfaction of its liabilities. (4) A contributory shall not be entitled to present a petition for winding up a company unless^___      (a) either the number of members is reduced, in the case of a public company, below seven, and, in the case of a private company,....

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....he financial condition of the company as disclosed in its balance sheet or from the report of ^[5][a special auditor appointed under section 233A or an inspector] appointed under section 235 or 237, that the company is unable to pay its debts: Provided further that the Registrar shall obtain the previous sanction of the Central Government^[6] to the presentation of the petition on any of the gr....

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.... and such leave shall not be granted^____      (a) unless, in the opinion of the ^[9][Tribunal], there is a prima facie case for winding up the company; and      (b) until such security for costs has been given as the court thinks reasonable.     ----------------------------------------- Notes:- [1] Substituted for "Court" by t....