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

Meera Textiles Ltd resolves to present its own petition for winding up before the Tribunal. The petition is filed without any statement of affairs attached. What is the consequence under the Companies Act, 2013?

The petition cannot be admitted. Under section 272(4), a winding up petition presented by the company itself is admitted only if it is accompanied by a statement of affairs in the prescribed form and manner.

  1. AThe petition is admitted and the statement is called for within thirty days
  2. BThe petition is admitted only if accompanied by a statement of affairsCorrect
  3. CThe Registrar must file the statement on behalf of the company
  4. DThe petition is admitted but the directors are fined twenty-five thousand rupees

Explanation

Section 272(4) provides that a petition presented by the company shall be admitted only if accompanied by a statement of affairs in the prescribed form and manner. A petition lacking it cannot be admitted. Option one describes the process for third-party petitions under section 274.

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