Can bank file winding petition against non payment of loan?

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 September 2013 Respected Experts,

I have one query, One of Nationalised Bank want to file WINDING UP Petition against Private Limited Company not paid the due loan amount.Bank can do this?
Please Provide me Whole Procedure for winding up of Company and Forms details which are filed with ROC as soon as possible.

Ajay Mishra

Ajay Mishra (Expert)
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14 September 2013
Companies registered under the Act may put an end to their affairs by winding up their business. This is carried out by realisation of the assets and applying the proceeds in payment of its debts and liabilities and if there is any balance left after meeting the liabilities, the same is paid back to the members in proportion to the contribution made by them to the capital of the company.

Section 425 provides that a company may be wound up in the following ways:—
(a) by the Court/Tribunal, or;
(b) by the members voluntarily.

So Bank can go only in above mentioned way to wind up of the company.

Ajay Mishra

Ajay Mishra (Expert)
Follow

14 September 2013
WINDING UP BY THE COURT/TRIBUNAL
Section 433 provides that a company may be wound up by the High Court/Tribunal,—
(a) if the company has by special resolution resolved that the company be wound up by the Court/Tribunal;
(b) if default is made in delivering the statutory report to the Registrar or in holding the statutory meeting;
(c) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;
(d) if the number of members is reduced, in the case of a public company, below seven, and in the case of a private company, below two;
(e) if the company is unable to pay its debts;
(f) if the Court/Tribunal is of the opinion that it is just and equitable that the company should be wound up;
(g) if the company has made a default in filing with the Registrar, its balance sheet and profit and loss account or annual return for any five consecutive financial years;
(h) if the company has acted against the interests of the sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality;
(i) if the Court/Tribunal is of the opinion that the company should be wound up under the circumstances specified in section 424G:
Provided that the Court/Tribunal shall make an order for winding up of a company under clause (h) on an application made by the Central Government or State Government.

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