CS Executive · Company Law and Practice · Compromise, Arrangement and Amalgamations - Concepts
A Tribunal orders winding up of Ganga Foods Ltd after its sanctioned scheme failed under section 231(2). Under which provision is this order deemed to have been made?
A winding up order made by the Tribunal because a sanctioned scheme cannot be implemented and the company cannot pay its debts under it is deemed to be an order made under section 273 of the Companies Act, 2013, as section 231(2) provides.
- ASection 271
- BSection 273Correct
- CSection 230
- DSection 232
Explanation
Section 231(2) states that such a winding up order is deemed to be an order made under section 273. Section 230 is the provision for sanctioning the scheme, not for winding up, so it is wrong.
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