Winding up is the last stage process of dissolving a company. There may be various reasons for winding up of a company like loss, bankruptcy, death of promoters, an agreement among stakeholders, etc. The sole purpose of winding up a company is to sell off stock, pay off creditors, and distribute any remaining assets to partners or shareholders.
As per section 270 of the companies act, 2013 company can be wound up either
· by tribunal or
· by way of voluntary winding up.
The process of winding up is subject to the supervision of the court. The whole process takes place under the supervision of court where the court supervises the winding-up proceedings which is subject to certain conditions imposed by the court. The court provides the opportunity to stakeholders to file for winding up petition even when the company is being wound up voluntarily.
Here petitioner needs to prove the voluntary winding up cannot be done with fairness to all concerned parties.
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