July 2023

Power to order costs The Tribunal may, in the event of the assets of a company being insufficient to satisfy its liabilities, make an order for the payment out of the assets, of the costs, charges and expenses incurred in the winding up, in such order of priority inter se as the Tribunal thinks just and proper. Practice area’s […]

Adjustment of rights of contributories The Tribunal shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled thereto. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration |

Power of Tribunal to make calls 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

Payment of debts by contributory and extent of set-off (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

Audit of Company Liquidator’s accounts (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

Books to be kept by Company Liquidator (1) The Company Liquidator shall keep proper books in such manner, as may be prescribed, in which he shall cause entries or minutes to be made of proceedings at meetings and of such other matters as may be prescribed. (2) Any creditor or contributory may, subject to the control of the Tribunal, inspect any such

Exercise and control of Company Liquidator’s powers (1) Subject to the provisions of this Act, the Company Liquidator shall, in the administration of the assets of the company and the distribution thereof among its creditors, have regard to any directions which may be given by the resolution of the creditors or contributories at any general meeting or by the

Promoters, directors, etc., to cooperate with Company Liquidator (1) The promoters, directors, officers and employees, who are or have been in employment of the company or acting or associated with the company shall extend full cooperation to the Company Liquidator in discharge of his functions and duties. 1[(2) If any person required to assist or

Provision for professional assistance to Company Liquidator (1) The Company Liquidator may, with the sanction of the Tribunal, appoint one or more chartered accountants or company secretaries or cost accountants or legal practitioners or such other professionals on such terms and conditions, as may be necessary, to assist him in the performance of his duties and functions under this Act. (2) Any person appointed

Powers and duties of Company Liquidator (1) Subject to directions by the Tribunal, if any, in this regard, the Company Liquidator, in a winding up of a company by the Tribunal, shall have the power— (a) to carry on the business of the company so far as may be necessary for the beneficial winding up of the company; (b) to do all