Rule 159 of Companies (Winding-up) Rules, 2020: Service of Notice

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The process of winding up a business involves realizing its assets and distributing the proceeds toward its debts. The company's assets are managed for the benefit of its creditors and members. A company may be dissolved by the tribunal in accordance with Section 272 of the Companies Act, 2013, which is governed by the Companies Act, 2020. NCLT and NCLAT were established in accordance with the Companies (amendment) Act of 2002.

Notice should be given to the parties interested in the property which the company liquidator wishes to disclaim. A liquidator may apply to the tribunal for an order disclaiming or renouncing a claim or a part of a claim by or against a company. According to Rule 159 of the Companies Act, a notice referred to in Rule 156 must be served on the company liquidator no later than seven days prior to the date set for the hearing. The notice requires a copy of the application and an affidavit filed in support of it. The notice herein referenced is formatted in Form WIN 83. According to the notice, any affidavit in objection to the application must be filed at the tribunal and sent with a copy to the company liquidator no later than two days before the hearing date.

Form WIN 83 is titled as 'Notice to parties interested in the property in respect of which the application to disclaim is made'. If any party is interested in said property, for any objection they shall file before the tribunal, and a copy of it should be served to the company liquidator before the adjourned hearing.