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

The Tribunal orders winding up of Konark Plastics Ltd on 10 March. Under section 277, which action must the Company Liquidator take within three weeks of the order, and for what purpose?

Within three weeks of the winding up order, the Company Liquidator must apply to the Tribunal for constitution of a winding up committee, which assists and monitors the liquidation proceedings, as required by section 277(4).

  1. AApply to the Tribunal for constitution of a winding up committee to assist and monitor liquidationCorrect
  2. BFile the final report for a dissolution order
  3. CSend intimation of the order to the Registrar
  4. DSubmit the books of account audited up to the date of the order

Explanation

Section 277(4) requires the Company Liquidator, within three weeks of the winding up order, to apply for a winding up committee. Intimation to the Registrar is the Tribunal's duty within seven days (277(1)). The final report comes at the end, and books submission is by directors under 274(3).

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