Companies (Winding Up) Rules, 2020- Rule 78

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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’).

Rule 78- Declaration by Professional

Rule 78 read with Section 291 (2) of The Companies Act, 2013,

The professional, referred to in section 291, appointed by the Company Liquidator with the sanction of the Tribunal shall file a declaration in Form WIN 38 disclosing any conflict of interest or lack of independence in respect of his appointment with the Tribunal forthwith.

According to this rule, the professional who is appointed by the Company Liquidator with permission from the tribunal is required to file a declaration in Form WIN 38 disclosing any conflict of interest or lack of independence with respect to his appointment with the tribunal as early as possible.

Form WIN 38 is a declaration form filled by the professional who is appointed by the company liquidator to disclose or reveal any conflict of interest or lack of independence under section 291 of the Companies Act, 2013.