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Winding up under section 560 of companies act 1956

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(Querist)
05 April 2016 I want to wind up a company which has only Cash on its Asset side and Paid Up Capital, Free Reserves and Current Liabilities on the Liabilities Side. Value of Current Liabilities is much higher then Cash available. So please guide me how to wind up the company if its has current liability still standing.
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Mandar

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Mandar (Expert)
06 April 2016 As per MCA circular No. 36/2011 dated 7 June 2011, following are the main criteria for making an application under FTE:- Main criteria
(1) The company applying under FTE should not have any asset and liability.
(2) The company should not have commenced any business activity or operation since incorporation or at least one year must has been passed since last business activity or operation.
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