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Chapter 20
Winding Up
96 sections (270–365)
- 270Modes of winding up
- 271Circumstances in which company may be wound up by Tribunal
- 272Petition for winding up
- 273Powers of Tribunal
- 274Directions for filing statement of affairs
- 275Company Liquidators and their appointments
- 276Removal and replacement of liquidator
- 277Intimation to Company Liquidator, provisional liquidator and Registrar
- 278Effect of winding up order
- 279Stay of suits, etc., on winding up order
- 280Jurisdiction of Tribunal
- 281Submission of report by Company Liquidator
- 282Directions of Tribunal on report of Company Liquidator
- 283Custody of company's properties
- 284Promoters, directors, etc., to cooperate with Company Liquidator
- 285Settlement of list of contributories and application of assets
- 286Obligations of directors and managers
- 287Advisory committee
- 288Submission of periodical reports to Tribunal
- 289Power of Tribunal on application for stay of winding up
- 290Powers and duties of Company Liquidator
- 291Provision for professional assistance to Company Liquidator
- 292Exercise and control of Company Liquidator's powers
- 293Books to be kept by Company Liquidator
- 294Audit of Company Liquidator's accounts
- 295Payment of debts by contributory and extent of set-off
- 296Power of Tribunal to make calls
- 297Adjustment of rights of contributories
- 298Power to order costs
- 299Power to summon persons suspected of having property of company, etc
- 300Power to order examination of promoters, directors, etc
- 301Arrest of person trying to leave India or abscond
- 302Dissolution of company by Tribunal
- 303Appeals from orders made before commencement of Act
- 304Circumstances in which company may be wound up voluntarily
- 305Declaration of solvency in case of proposal to wind up voluntarily
- 306Meeting of creditors
- 307Publication of resolution to wind up voluntarily
- 308Commencement of voluntary winding up
- 309Effect of voluntary winding up
- 310Appointment of Company Liquidator
- 311Power to remove and fill vacancy of Company Liquidator
- 312Notice of appointment of Company Liquidator to be given to Registrar
- 313Cesser of Board's powers on appointment of Company Liquidator
- 314Powers and duties of Company Liquidator in voluntary winding up
- 315Appointment of committees
- 316Company Liquidator to submit report on progress of winding up
- 317Report of Company Liquidator to Tribunal for examination of persons
- 318Final meeting and dissolution of company
- 319Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company
- 320Distribution of property of company
- 321Arrangement when binding on company and creditors
- 322Power to apply to Tribunal to have questions determined, etc
- 323Costs of voluntary winding up
- 324Debts of all descriptions to be admitted to proof
- 325Application of insolvency rules in winding up of insolvent companies
- 326Overriding preferential payments
- 327Preferential payments
- 328Fraudulent preference
- 329Transfers not in good faith to be void
- 330Certain transfers to be void
- 331Liabilities and rights of certain persons fraudulently preferred
- 332Effect of floating charge
- 333Disclaimer of onerous property
- 334Transfers, etc., after commencement of winding up to be void
- 335Certain attachments, executions, etc., in winding up by Tribunal to be void
- 336Offences by officers of companies in liquidation
- 337Penalty for frauds by officers
- 338Liability where proper accounts not kept
- 339Liability for fraudulent conduct of business
- 340Power of Tribunal to assess damages against delinquent directors, etc
- 341Liability under sections 339 and 340 to extend to partners or directors in firms or companies
- 342Prosecution of delinquent officers and members of company
- 343Company Liquidator to exercise certain powers subject to sanction
- 344Statement that company is in liquidation
- 345Books and papers of company to be evidence
- 346Inspection of books and papers by creditors and contributories
- 347Disposal of books and papers of company
- 348Information as to pending liquidations
- 349Official Liquidator to make payments into public account of India
- 350Company Liquidator to deposit monies into scheduled bank
- 351Liquidator not to deposit monies into private banking account
- 352Company Liquidation Dividend and Undistributed Assets Account
- 353Liquidator to make returns, etc
- 354Meetings to ascertain wishes of creditors or contributories
- 355Court, tribunal or person, etc., before whom affidavit may be sworn
- 356Powers of Tribunal to declare dissolution of company void
- 357Commencement of winding up by Tribunal
- 358Exclusion of certain time in computing period of limitation
- 359Appointment of Official Liquidator
- 360Powers and functions of Official Liquidator
- 361Summary procedure for liquidation
- 362Sale of assets and recovery of debts due to company
- 363Settlement of claims of creditors by Official Liquidator
- 364Appeal by creditor
- 365Order of dissolution of company