Voluntary Winding up Declaration of solvency Effect of non filing of declaration of solvency on voluntary winding up

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of declaration of solvency on voluntary winding up The question of effect of non‑filing of declaration of solvency on voluntary winding up had cropped in several cases. After due consideration of the matter it has been decided as under : 1. Where a resolution for members' voluntary winding up has been passed but the provisions of section 488 have not been complied with, the winding up shal....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in sections 500 to 509 is not followed, it would tantamount to non‑compliance with the provisions of law applicable in the matter, and, consequently, the proceedings relating to the voluntary winding up taken by the company shall be void ab initio ‑ M. Lakshmiah v. Registrar of Companies, unreported case, decided by the Kerala High Court. The court may, if moved by the company or its ....