A tribunal or its members have the rights of winding up a Private Limited Company.
Here is a brief on how a tribunal can wind up a Private Limited Company.
A Private Limited Company can be wound up by a Tribunal under the following circumstances:
This is within the 3 weeks of passing of winding up by order of the Tribunal; the Company Liquidator will submit an application to the Tribunal for constitution of a winding up committee which would comprise of the following:
The winding up committee will assist and monitor the overall progress of the entire proceedings of liquidation which would include the following:
The Company Liquidator committee is supposed to prepare a final draft report which would include the consideration by the committee along with the minutes of the meeting that was held by the committee.
The winding up committee members will have the overall ability to make a review of the draft of the final report from the Company Liquidator and then the report is subject to approval. After the approval of the final report by the winding up committee, the final report will be submitted by the Company Liquidator before the Tribunal for passing of a dissolution order in respect of the company.
If all the things are acceptable, the Tribunal will finally pass the order of dissolution thereby winding up of the affairs of the particular company.
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