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

Zenith Polymers Ltd was ordered to be wound up by the Tribunal on 3 March. The Company Liquidator wants to comply with the statutory timeline for seeking constitution of a winding up committee to assist and monitor liquidation. By what date must he apply to the Tribunal?

He must apply within three weeks from the date of the winding up order. Section 277(4) fixes this period for seeking constitution of a winding up committee. The seven-day period applies to the Tribunal's intimation of the order, and thirty days applies to the advisory committee meeting.

  1. AWithin three weeks from 3 March, the date of the winding up orderCorrect
  2. BWithin seven days from 3 March
  3. CWithin thirty days from 3 March
  4. DWithin three months from 3 March

Explanation

Under section 277(4), the Company Liquidator must apply for constitution of a winding up committee within three weeks from the date of the winding up order. Seven days is the period for the Tribunal to send intimation of its order to the liquidator and the Registrar, so it is wrong here. Thirty days relates to convening the creditors' and contributories' meeting for the advisory committee.

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