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winding of companies

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(Querist)
18 February 2010 what is the provisions and formilities /proceedures under Section 560 or Part VII of the companies act, 1956- winding up provisions of the Act-please mention checklist also
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Rasesh

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Rasesh (Expert)
23 February 2010 This is an absolutely wide question.

Winding up under Section 560 would require a nil balance sheet wherein there are no assets and no liabilities in the books ofthe Company. Only capital on one side and loss on the other side. The filings are to be made with the ROC alongwith the necessary affidavits, board resolutions etc.

Winding up under Part VII, can be members' winding up, creditors winding up and winding up pursuant to order of the court. The procedure for all these three is more or less similar with some variations. This is a process which involves High Court and the Official Liquidator. The procedure would be time consuming and may run upto 3-5 years at the OL level.
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