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

Kaveri Agro Ltd resolves by special resolution to seek winding up by the Tribunal and files a petition in its own name without annexing any financial position report. What is the likely consequence?

The petition cannot be admitted as filed. Under section 272(4), a winding-up petition presented by the company is admitted only if accompanied by a statement of affairs in the prescribed form and manner. Supplying it later or having directors sign does not meet the requirement.

  1. AThe petition will be admitted and the statement can be filed at the final hearing
  2. BThe petition is admitted only if accompanied by a statement of affairs in the prescribed form and manner, so it cannot be admitted as filedCorrect
  3. CThe petition is admitted if the Registrar later supplies the statement
  4. DThe petition is admitted if it is signed by all directors

Explanation

Section 272(4) provides that a company's petition shall be admitted only if accompanied by a statement of affairs in the prescribed form and manner. Late filing or signatures of directors do not satisfy this requirement.

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