Winding up by court Petition for winding up Management to be asked about non payment of debts before approving presentation of petitions under sub section (5)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... about non‑payment of debts before approving presentation of petitions under sub‑section (5) It is noticed by the Department that in certain cases sanction is accorded by the Regional Directors under section 439(5)/433(e) to file petitions for compulsory winding up of the companies on the basis that their liabilities exceeded assets by a wide margin as per the last copy of their ann....