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Question 1

circmstances for winding up by court

Answer 1

special resolution
stautory meeting
2 consecutive AGM
number of member fall below minimuim number
unable to pay debt
ceases to be a listed compay,or suspends its business for whole year
license is revoked
ANOP license is revoked,
court think it is just and equatible
unlawful,fraudlent,prohibited business
mangment failure

Question 2

company deemed “unable to pay debt”?

Answer 2

creditor Rs.100000 serves a notice at regiestred office witin 30 days.
order of cort remain unsatisfied in favour of creditors remains un satisfied.
it is proved that company unable to pay debt.

Question 3

UNLAWFUL ACTIVITY?

Answer 3

-DEPOSITS FROM PUBLIC AND RETURN BY CHANCE
-RAISES UN AUTHORIZED DEPSITS FROM PUBLIC THROUGH VARIOUS SCHEME
ANY OTHER BUSINESS NOTIFIED BY COMMISSION

Question 4

WHO CAN APPLY TO COURT FOR WINDING UP?

Answer 4

COMPANY=COMPANY HAS TO FILE ,IN PRESCRIBED MANNERS PARTICULARS OF BUSINESS
OPERATION,ASSETS,LIABILITIES AND SUITS AGANSIT IT.

CREDITORS= CONTINGENT OR PROSPECTIVE CREDITORS HAS TO:
:ESTABLISH PRIMA -FACIE CASE FOR WINDING UPTO THE SATISFACTION OF
COURT.
:GIVE SECURITY FOR COST AS COURT THINKS REASONABLE.

CONTRIBUTORIES=NUMBER OF MEMBER REDUCED BELOW MINIMUIM NUMBER.
SHARES 180 DAYS LAST 16 MONTHS.

REGISTRAR=:OBTAINED SANCTION OF SECP
:SEC PHAS GIVEN OPPURTONITY TO COMPANY OF BEING HEARD

Question 5

APPOINTMENT OF PROVISIONAL MANAGER OR OFFICIAL LIQUIDATOR?

Answer 5

ON RECIEPT OF A PETITION FOR WINDING UP, COURT MAY APPOINT EITHER:
=A PROVISIONAL MANAGER TILL WINDING UP ORDER IS MADE
=AN OFFICIAL LIQUIDATOR IF WINDING UP ORDER IS MADE.
POWER OF PM= OF POWER OF OL

Question 5

PANNEL OF PM/OF?

Answer 5

COMMISION MAINTAINS A PANNEL OF PERSONS WHICH CONSISTS OF:
=ATLEAST 10 YEARS EXP IN ACC. FIN, OR LAW AND
=SUCH PERSONS SPECIFIED BY COMMISSION HAVING AT LEAST 10 Y EXP
COMMISSION MAY REMOVE A PERSON FROM FROM A PANEL IN CASE OF BREACH OF ,
DUTIES, INCOMPETENCE, FRAUD OR MISCONDUCT AFTER GIVING HIM OPPURTUNITY OF BBEING HEARD’

Question 6

ELIGIBILITY FOR PM/OL?

Answer 6

COURT ONE PM OR OL FROM PANNEL MAINTANIED BY COMMISSION
MAXIMUIM 3 COMPANIES
EXCEPTION: 60% CREDITORS AFTER NOTICE.

Question 7

REQUIREMENTS FOR OL ON APPOINTMENT?

Answer 7

=COURT SHALL DETERMINE WHEHTER SECURITY IS TO BE GIVEN BY LIQUIDATOR ON HIS APPOINTMENT
=OL SHALL FILE A DECLERATION WITHIN 7 DAYS WHETHER HE IS INTERSET AND IF INT ARISED
OL MSHALL FOLLOW CODE OF CONDUCT OR OTHER REQURIMENTS AS SPECIFIED BY COMMISION.

Question 8

MORE THAN ONE LIQUIDATORS OR APPOINTED?

Answer 8

= COURT SHALL DECLARE WHETHER ACTS WILL BE DONE WILL BY ANY ONE OR MORE OR ALL OF THEM.
=ANY DISPUTE ARISE AMONG LIQUIDATORS SHALL BE REFFERED TO COURT.

Question 9

CASUAL VACCANCY

Answer 9

=AN OFFICIAL LIQUDATOR SHALL NOT RESIGN BEFORE CONCLUSION OF LIQUIDATION IN CASE OF RESIGN
SHALL UNTILL SUCCESSOR IS APPOINTED.
=ANY CASUAL VACCANCY SHALL BE FILED BY COURT.

Question 10

WHO SHALL VERIFY AND SUBMIT STATEMENT OF AFFARIS?

Answer 10

DIRECTORS, CHEIF EXCUTIVE ,CHEIF FINANCIAL OFFICER, AND SECRETARY OF THE COMPANY SHALL VERIFY AND SUBMIT A STATEMENT OF AFFAIRS OF COMPANY IN PRESCRIBED FORM TO PROVISIONAL MANAGER OR OFFICIAL LIQUIDATOR.

Question 11

WHEN SHALL STATEMENT BE SUBMITTED?

Answer 11

=WITHIN 15 DAYS FROM RELEVANT DATE.

PM OR OL OR COURT MAY EXTEND THIS TIME UOTO 45 DAYS.

Question 12

WHAT PARTICULARS STATEMENT SHALL CONTAIN?

Answer 12

1.PARTICULARS OF COMPANY ASSETS AND LIABILITIES.
2.CASH IN HAND AND CASH IN BANK.
3.THE NAMES AND ADDRESESS OF THE CREDITORS SHOWING SEPARATELY:
=SECRED DEBT
=UN SECRED DEBT
4.RECIVEBLES AND AMOUNT LIKELY TO BE REALIZED ALONG WITH NAMES ‘ADDRESS AND OCCUPATION OF DEBTORS.
5.IF ANY PROPERTY IN NOT IN CUSTODY OR POSSESSION OF COMPANY NAME AND PLACE OF PERSON IN WHOSE CUSTODY IS THIS.
6.PLACES WHERE COMPANY IS CONDUCTED ITS BUSINESS IN LAST 180 DAYS FROM RELEVANT DATE AND NAME OF INCHARGES THERE.
7.DETAILS OF PENDING SUITS IN WHICH COMPANY IS A PARTY.
8.ANY OTHER PARTICULARS WHICH PM ,OL OR COURT MAY REQUIRE.

Question 13

STATEMENT FROM OTHER OFFICIALS?

Answer 13

PM OR OL OL MAY SUBJECT TO DIRECTIONS OF COURT,MAY ALSO REQUIRE FOLLOWING PERSONS TO SUBMIT A STATEMENT REGARDING AFFAIRS OF COMPANY:
=WHO HAVE BEEN DIRECTORS CHEIF EXECUTIVE CFO,SECRETARY OR OTHER OFFICER WITHIN ONE YEAR BEFORE RELEVANT DATE.
=WHO HAVE TAKEN PART IN FORMATION OF COMPANY WITHIN SAID YEAR.
=WHO WERE IN EMPLOYMENT OF COMPANY WITHIN SAID YEAR.

Question 14

REIMBUSMENT OF EXPENSES?

Answer 14

PM OR OL SHALL PAY REASONABLE EXPENSES TO PERSONS MAKING THE STATEMENT.

Question 15

RIGHT TO INSPECT AND GET COPY OF STATEMENT?

Answer 15

-A CREDITOR OR CONTRIBUTORY OT THE COMPANY OR THEIR AGENT CAN INSPECT AND GET COPY OR EXTRACT OF STATEMENT, ON PAYMENT OF PRESCRIBED FEE.
IF A PERSON UNTRUTHFULLY STSTE HIMSELF TO BE A CREDITOR OR CONTRIBUTORY ,IT WILL BE AN OFFENCE PUNISHIBLE UNDER PPC ON APPLICATION OF PM/OL.
PENALTY OF LEVEL 2.

Question 16

WHEN TO SUBMIT REPORT?

WHOM TO SUBMIT REPORT?

Answer 16

AS SOON AS POSSIBLE AFTER RECEIPT OF STATEMENT OF AFFAIRS BUT WITHIN 60 DAYS FROM WINDING -UP ORDER.

=TO COURT
=SIMULTANEOSLY A CERTIFIED COPY TO REGISTRAR.

Question 17

WHAT PARTICULARS REPORT SHALL CONTAIN?

Answer 17

1.DETAILS OF ASSETS OF COMPANY ,INCLUDING THEIR LOCATION AND CURRENT VALUE
2.CASH IN HAND , CASH AT BANK,AND NEGOTIABLE INSTRUMENTS.
3.AMOUNT OF AUTHORIZED AND PAID UP CAPITAL.
4.EXISTING AND CONTINGENT LIABILTIES,INCLUDING PARTICULARS OF CREDITORS SHOWING SEPARATELY:
=SECURED DEBT
=UNSECRED DEBT
5.RECIVEBLES AND AMOUNT LIKELY TO BE REALIZED ALONG WITH NAMES ADDRESSES AND OCCUPATION OF DEBTORS.
6.AMOUNT RECIVABLES FROM CONTRIBUTORIES.
7.DETAILS OF ONGOING CONTRACTS AND JOIN VENTURES.
8.DETAILS OF TRADEMARKS AND INTELLECTUAL PROPERTIES OF COMPANY.
9.DETAILS OF LEGAL CASES FILED BY OR AGAINST THE COMPANY.
10.DETAILS OF HOLDING AND SUBSIDIARY COMPANIES.
11.ANY OTHER INFORMATION WHICH COURT MAY DIRECT, OR OFFICIAL LIQUIDATOR MAY CONSIDER NECESSARY.
OFFICIAL LIQUIDATOR SHALL ALSO:
REPORT ON FRAUD
REPORT ON STEPS WHICH MAXIMIZE VALUE OF ASSETS
MAKE FURTHER REPORTS IF DIRECTED BY COURT.

Question 18

VOLUNTARY WINDING UP?

Answer 18

CIRCUMSTANCES:
A COMPANY MAY BE WOUND UP VOLUNTARY IF:
=ARTICLES FIX DURATION AND THAT PEROID IS EXPIRED,OR ARTICLES STATENAN EVENT FOR DISSOLUTION OF COMPANY AND THAT EVENT OCCURS AND COMPANY PASSES ARESOLUTION.
=SPECIAL RESOLUTION IS PASSED TO WIND-UP COMPANY.
COMMENCEMENT:
AT TIME OF PASSING RESOLUTION OF WINDING UP.
IN VOLUNTARY WINDING UP LIQUIDATOR IS APPOINTED BY COMPANY.

Question 19

WINDING UP SUBJECT TO SUPERVISION OF COURT?

Answer 19

IF A COMPANY HAS PASSED A RESOLUTION FOR VOLUNTARY WINDING UP ,COURT MAY MAKE ORDER THAT WINDING UP SHALL UNDERSUPERVISION OF COURT.
COURT SHALL HAVE SAME JURISDICTION OVER LEGAL PROCEEDINGS AS UNDER WINDING UP BY COURT.

Question 20

CONVERSION OF MODE OF WINDING UP?

Answer 20

IF A COMPANYIS BEING WIUND UP VOLUNTARY OR SUBJECT TO SUPERVISION OF COURT,ENTITLED PERSON CAN FILE A PETITION TO COURT FOR WINDING UP BY COURT.
COURT SHALL MAKE WINDING UP ORDER ON SUCH PETITION ONLY IF IT IS SATISFIED THAT EXISTING WINDING UP MODE CANNOT BE CONTINUED WITH DUE REGARD TO INTERSET OF CREDITORS,CONTRIBUTORIES OR TO PUBLIC COMPANY.