#company #companylaw #companiesact2013 #liquidation #law #windingup To understand this Section, let us just understand a few terms and their definitions as per The Companies Act, 2013. Who is a Contributory? A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up

#section295 #company #companylaw #companiesact2013 #windingup #liquidation #law According to Section 295 of The Companies Act, 2013, (1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the esta

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup #rules On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Calls in Winding Up by Tribunal Rule 131- Calls by Company Liquidator Su

#section296 #companiesact2013 #company #liquidator #liquidation #law #windingup According to Section 296 of The Companies Act, 2013, The Tribunal may, at any time after the passing of a winding up order, and either before or after it has ascertained the sufficiency of the assets of the company,— (a) make calls on all or any of the contributories for the time being on the list of the contributories, to the extent of their liability, for payment of any money which the Tribunal

#section297 #companiesact2013 #company #liquidator #liquidation #law #windingup #contributories To understand this Section, let us go through a few terms. A contributory is a person who is liable and responsible to contribute to the assets of a company when it is in the winding up stage. A contributory may be a member or shareholder of a company. The use of the word ‘contributory’ arises only during the period of winding up of a company. Unless the court allocates with the li

#section294 #companiesact2013 #company #liquidator #liquidation #law #windingup #rules On January 24, 2020, the Ministry of Corporate Affairs (MCA) notified the Companies (Winding Up) Rules, 2020 (‘Winding Up Rules’), which will be effective from April 1, 2020. While ‘voluntary winding up’ and ‘winding up on the grounds of inability to pay off debts under the Insolvency and Bankruptcy Code, 2016 (‘IBC’). Filing and Audit of Company Liquidator’s Accounts Rule 91- Half-yearly

#section294 #companiesact2013 #company #liquidator #liquidation #law #windingup According to Section 294 of The Companies Act, 2013, (1) The Company Liquidator shall maintain proper and regular books of account including accounts of receipts and payments made by him in such form and manner as may be prescribed. (2) The Company Liquidator shall, at such times as may be prescribed but not less than twice in each year during his tenure of office, present to the Tribunal an accou

#companiesact2013, #liquidation, #law, #business, #rules, #sections, #offenses Introduction This article discusses the offenses by Officers of Companies in Liquidation and the discipline set down under Section 336 of the Companies Act, 2013. This section ensures that the liquidation pattern of the association moves along true to form, and the directors don't forestall the cycle in that frame of mind by committing offenses and not giving a genuine image of the resources of the

#company #companylaw #section291 #companiesact2013 #windingup #liquidation In order to understand this Section, let us understand a few terms related to this Section. -What is Company Liquidation? Company liquidation is a process initiated by those companies under debt to wind up its operation and sell their assets to pay the debt, obligations, and other liabilities. A company is liquidated when it is not in a state to continue or run further. - Who is a Company Liquidator? A