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

Under the Companies Act, 2013 as it now stands, a registered company wishes to understand how winding up by the Tribunal is governed. Which statement is correct?

Section 270, as substituted in 2016, says the provisions of Part I apply to winding up of a company by the Tribunal. The old list of modes is gone, and section 325 on insolvency rules has been omitted by the Insolvency and Bankruptcy Code.

  1. ASection 270 applies the provisions of Part I to winding up by the Tribunal under the ActCorrect
  2. BSection 270 lists voluntary winding up and winding up under Tribunal supervision as separate modes
  3. CSection 325 applies the insolvency rules to winding up of insolvent companies
  4. DSection 270 requires winding up by members' special resolution before the Tribunal acts

Explanation

Section 270, as substituted in 2016, provides that Part I provisions apply to winding up by the Tribunal. Section 325 on insolvency rules in winding up has been omitted by the Insolvency and Bankruptcy Code, 2016. The other options describe the old modes or an omitted provision.

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