Liquidation of Companies

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Aditya Maheshwari (Querist)
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30 March 2010 What is the procedure for liquidation of a private limited company. The company has negative reserves and only assets are cash and bank balance and sundry loans given to directors.

Kindly guide as to what resolution needs to be passed, what forms needs to be filed and is appointment of a liquidator compulsory

M Prabhakar Menon

M Prabhakar Menon (Expert)
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30 March 2010 Before u come to liquidation of any company u must obtain a winding up order from the High Court under whose jurisdiction the company falls. Depending on the mode of winding up selected the proceedure will vary, there are several issues/steps involved accordingly the resolution will differ.

Aditya Maheshwari

Aditya Maheshwari (Querist)
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30 March 2010 The company is located in Mumbai and it would be shareholders voluntary winding up

Rasesh

Rasesh (Expert)
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30 March 2010 I have posted an article on this site on winding up under courts order. Please find the link attached:

https://www.caclubindia.com/articles/detailed-procedure-for-winding-up-under-order-of-the-court-4837.asp

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