Changes that have been made appear in the content and are referenced with annotations. S.O. 3677(E) dated December 07, 2016, has enforced the provisions of the following sections of the Companies Act, 2013 w.e.f 15.12.2016:- S. No. X X X X Extracts X X X X..... his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him through the death of a former holder. Revised legislation carried on this site may not be fully up to date. [Corresponds to Section 439 of the Companies Act, 1956] (1) Subject to the provisions of this section, a petition to the Tribunal for the winding up of a company shall be presented by— (a) the company; April 11, 2020 July 31, 2020 by Akash Kori 2 Comments on Petition for Winding Up. A company may be wound up by the Tribunal on a petition filed under Section 272 of the Act. Only five documents can be opened in tabs. As per provision of Section 2 (87) of Companies Act, 2013. Provisions of other acts referred to in companies act, 2013; Ready Reckoner . Standards Main Objects; Chapterwise Compliances; Procedures Attachments Required For Forms; My Compliances; Formats Approvals required under Companies Act,2013 ; Corporate Social Responsibility (CSR) Resolutions Designations under The Companies Act, 2013; Annual General Meeting; Notices; List of … The first part of the series discussed winding-up of a company under the Companies Act, 2013 the concluding section will focus on Insolvency and Bankruptcy Code, 2016 and Winding-up Rules, 2020. Changes to Legislation. 19 . Notified Date of Section: 7/12/2016. [Section 272 notified with effect from 15.12.2016 vide S.O. However, on 4 th of January 2017, nearly three months after the notice was served, Mrs. Seema Gupta (mistakenly) filed a winding up petition u/s 271(1) read along with section 272 of the Companies Act, 2013 (New Act) for winding up of the Debtor Company, and thereafter soon on 21 st February 2017, filed an application u/s 9 of the Code for initiation of insolvency resolution process … Section 271(1)(a) of 2013 Companies Act, which dealt with the winding up be Tribunal on account of inability to pay debts has been omitted by Section 255 of The Insolvency and Bankruptcy Code, 2016. Circumstances under which company may be wound up by Tribunal as per section 271 and section 272 of the Companies Act, 2013. Companies Act, 2013 Chapter XXWinding Up Part IWinding Up by the Tribunal Section 273: Powers of Tribunal “273. Likewise, section … Hello Good Afternoon! 272/2018 – Decided on 09.07.2019) (Coram – Justice A.I.S. #companiesact2013 #windingupcompany #windingupbytribunal Winding Up of the Companies || Section 271. The Companies Act, 2013 provided for effective bound winding-up process. 3677(E) dated 07.12.2016. Subscribe to Archna Sukhija. 06 Apr. I. WINDING UP OF A COMPANY BY A TRIBUNAL:-As per Companies Act 1956, a company can be wound up by a tribunal on the basis of the following reasons: 1. The present video is based on Chapter XX of Companies Act, 2013 and covers section 271 and 272. (Company Appeal (AT) No. Sections Particulars 1. The Company; Any Contributory; The Registrar; Any person authorized by the Central Government in that behalf; If it falls under clause (b) of Section 271, then by Central or State Government. Section 273 shall come into force on 15th December, 2016 vide Notification No. 1. Powers of Registrar for making an application of winding up . POWERS OF REGISTRAR FOR MAKING AN APPLICATION OF WINDING UP • Section 271 sub section (e) of the act provides that if the company has made a default in filing with the Registrar its financial statements or annual returns for … Companies Act 2006, Section 272 is up to date with all changes known to be in force on or before 04 December 2020. Section 273 of Companies Act 2013: Powers of Tribunal. 271. Winding up of the registered company under the companies Act, 2013. The relevant provisions of the Companies Act are reproduced below: “271. Companies Act (CHAPTER 50) Status: Current version as at 12 Dec 2020 Print . Section 271 of the Companies Act, 2013 lays down that a tribunal may order for winding-up a company, of a petition under section 272 of the Companies Act, 2013 is presented to the tribunal with any of the grounds provided in section 271. The company may be wound up by Tribunal – If the company is unable to pay its debts; If the company has resolved by special resolution that the company be wound up by the Tribunal; If the company has acted against the interests of the sovereignty and integrity of India, its security of the … Effective Date: 15/12/2016 . 1 . If you continue, tabs opened first shall be closed. Circumstances in which company may be wound up by Tribunal.— A company may, on a petition under Section 272, be wound up by the Tribunal,— (a) if the … The same is now dealt with in accordance with the provisions of Section 7 to 9 of the Code, being the initiation of corporate insolvency resolution process by financial and operational creditors. Companies (Winding-Up) Rules, 2020 . According to Section 272 by the Companies Act, 2013 the following individuals have the authority to file for a compulsory winding up procedure under Companies Act. Companies Act, 2013 ; Section 272 Effective Date: 15/12/2016. Under section 272 of the 2013 Act, a company has to file a statement of affairs of the company, including its books of accounts, when filing a winding up petition. Clause (23) of section 2 Definition of Company Liquidator 2. As per Section 59 of the IBC , Section 431(1)(C) and 465 of the Companies Act 2013 along with Rule 4 , all fresh proceedings for voluntary liquidation that come up on or after 1st April 2017 shall be instituted before NCLT and be governed by the provisions of the Code and its Regulations. For more videos:Meeting of Boar... YeliSmar. S.O. Section 372A of the Companies Act, 1956 (The Act) deals with intercorporate Loan, Investment, Guarantee and Securities in connection with loan. Get updated database on company laws, companies act 2013, SEBI act and securities laws, sebi act amendment act, securities law amendment act, etc. Clause (c) and (d) of sub-section (7) of section 7 Incorporation of company 3. Tag: Section 272 of Companies Act 2013. Companies Act 1993. Warning: Some amendments have not yet been incorporated; Search within this Act. Share this & earn $10. The Code has brought about certain changes in sections 270, 271 and 272 of the Companies Act, 2013. Archna Sukhija Published at : 19 Nov 2020 . (1) The Tribunal may, on receipt of a petition for winding up under section 272 pass any of the following orders, namely:— (a) dismiss it,… Read More Section 273: Powers of Tribunal. Circumstances in Which Company May be Wound Up by Tribunal. Insolvency & Bankruptcy Code, 2016, National Company Law Tribunal (NCLT) Petition for Winding Up. Changes Introduced in Sections 270, 271 & 272 of the Companies Act, 2013 and in the Code. under Companies Act 2013 CA Udayraj Patwardhan Insolvency Professional B. CIRCUMSTANCES UNDER WHICH COMPANY MAY BE WOUND UP BY TRIBUNAL AS PER SECTION 271 AND SECTION 272 OF THE COMPANIES ACT, 2013 5. The present video is … Section 186 of Companies Act, 2013 (“the 2013 Act”) Section 372A of Companies Act, 1956 (“the 1956 Act”) Heading of Section: Loan and Investment by Company: Inter Corporate-Corporate Loans and Advances. As per Section 272 of the Companies Act, 2013 a petition of winding can be filed to the tribunal by. Cheema and Mr. Balvinder Singh) [Highlights: The provision of purchase of minority shareholding under Section 236 of the Companies Act, 2013 is only applicable to cases of an amalgamation, share exchange, conversion of securities or for other similar reasons, and not every case where 90% or more … Through a notification issued under the Code, section 270, which provided for the different modes of winding up, has been substituted so as to include only winding up by the tribunal. MCA vide Notification No. Company as Petitioner (272(a)): The Company may present a petition for Compulsory Winding Up if a special resolution has been passed to that effect. Prerequisites for opting Voluntary Liquidation. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and because of no much space to play. Section 272 - Petition for winding up - Companies Act, 2013. Petition for Winding Up. Com., FCA, MBF (ICAI) Whole Time Director , Sumedha Management Solutions (P) Ltd. (IPE) +91 9822026867; udayraj_patwardhan@sumedhamanagement.com 3676 (E) dated 07.12.2016] Section 272- Petition for winding up. 272. Suspension of the business for one year from the date of incorporation or … There are changes that may be brought into force at a future date. 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