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

Beta Components Ltd resolves to petition the Tribunal for its own winding up and files the petition with the Tribunal along with the board resolution, but without a statement of affairs. What is the consequence under the Companies Act, 2013?

The petition will not be admitted in that form. Section 272(4) states that a winding up petition presented by the company is admitted only if accompanied by a statement of affairs in the prescribed form and manner. Filing it later is not allowed as a substitute.

  1. AThe petition will be admitted and the statement can be filed within thirty days after admission
  2. BThe petition will be admitted only if accompanied by a statement of affairs in the prescribed form and mannerCorrect
  3. CThe petition is admitted automatically because the company itself is the petitioner
  4. DThe petition is admitted only if the Registrar sanctions it

Explanation

Section 272(4) provides that a petition presented by the company shall be admitted only if accompanied by the prescribed statement of affairs. The thirty-day filing of objections and statement under section 274 applies to petitions by persons other than the company.

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