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CS Professional · Insolvency and Bankruptcy - Law and Practice · Winding-Up by Tribunal

Ganga Foods Ltd wishes to present a petition for its own winding up before the NCLT. Which requirement applies to this petition under the Companies Act, 2013?

The petition is admitted only if accompanied by a statement of affairs in the prescribed form and manner. Section 272(4) imposes this on a company's own petition, and a copy must also be filed with the Registrar, who submits views within sixty days.

  1. AIt is admitted only if accompanied by a statement of affairs in the prescribed form and mannerCorrect
  2. BIt must first be sanctioned by the Registrar
  3. CIt must be presented only after six months of holding shares by the company
  4. DIt can be admitted without any statement of affairs

Explanation

Section 272(4) allows admission of a company's own petition only if accompanied by a statement of affairs in the prescribed form. Section 272(5) also requires a copy to be filed with the Registrar, who gives views within sixty days. Registrar sanction applies to the Registrar's own petition, not this one.

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