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CS Professional · Corporate Restructuring, Valuation and Insolvency · Winding-up by Tribunal under the Companies Act, 2013

A petition for winding up of Orion Pharma Ltd was presented to the Tribunal on 5 June by a contributory. From which point is the winding up deemed to commence, and within what time must the Tribunal make its order under section 273?

Winding up is deemed to commence on presentation of the petition, 5 June, under section 357. The Tribunal must pass its order under section 273 within ninety days from the date of presentation. The date of the winding up order or liquidator appointment is not the commencement date.

  1. AFrom the date of the winding up order; within one hundred and eighty days
  2. BFrom the date of the winding up order; within ninety days of presentation
  3. CFrom the date of presentation of the petition, 5 June; within ninety days of presentationCorrect
  4. DFrom the date the liquidator is appointed; within sixty days of presentation

Explanation

Section 357 deems winding up to commence at the time of presentation of the petition, here 5 June. The first proviso to section 273(1) requires an order within ninety days from the date of presentation. Options using the order date as commencement are wrong.

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