AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
2019 (4) TMI 943
X X X X Extracts X X X X
X X X X Extracts X X X X
....nd Section 360 of the Companies Act with a prayer to pass winding up of order in respect of first respondent company, appoint Official Liquidator to take possession of the assets properties, books and records of the first respondent company by following the summary procedure of winding up. 2. At the outset Section 271(1)(g) of the Companies Act, 2013 was amended with effect from 15.11.2016 by Act 31 of 2016 Section 255 Eleventh schedule para 9 vide standing order 3453(E). Section 271 Clause (1)(g) as it stood before 15.11.2016 deals with winding up by the Tribunal, if it is of the opinion that it is just and equitable that company should be wound up. But after 15.11.2016 Section 271(1)(e) enables the Tribunal to wind up company if it is ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....led to materialize. 6. Petitioner also refer to Section 360 of the Companies Act and stated that summary procedure has to be followed. 7. A perusal of 360 of the Companies Act, 2013 deals with powers and functions of Official Liquidator. 8. In fact it is Section 361 of the Companies Act that provides summary procedure for liquidation. Section 361 is applicable only if assets of the book value not exceeding one crore rupees and the company must belongs to such class or classes of companies as may be prescribed by the Central Government. Here in this case no doubt the assets of the book value does not exceed one crore rupees but Central Government has not notified this company as company that belongs to such class or classes of compa....