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

Nirmal Steels Ltd was dissolved by a Tribunal order on 15 January 2025. A creditor, Mr. Rao, discovers undisclosed assets and wants the dissolution declared void. Which statement is correct?

Mr. Rao, as an interested person, may apply to the Tribunal within two years of the date of dissolution. The Tribunal may declare the dissolution void on such terms as it thinks fit, and proceedings may then continue as if the company had not been dissolved.

  1. AHe may apply to the Tribunal at any time within two years of the dissolution dateCorrect
  2. BHe may apply only within five years of the dissolution date
  3. COnly the Registrar can apply, and only within thirty days
  4. DHe may apply to the Tribunal at any time without limit if he is a creditor

Explanation

Section 356(1) allows the Tribunal, within two years of the date of dissolution, on application by the Company Liquidator or any other person appearing interested, to declare the dissolution void. A creditor is an interested person, so Mr. Rao qualifies, but the two-year limit applies, making the other periods wrong.

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