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Winding up of a Company by Tribunal

As per companies act 2013, a company can be wound up by a Tribunal, if:

• The company is unable to pay its debts.
• The company has by special resolution resolved that the company be wound up by the Tribunal.
• The company has acted against the interest of the sovereignty and integrity of India, the security of the State, friendly relations with foreign states, public order, decency or morality.
• The Tribunal has ordered the winding up of the company under Chapter XIX.
• If the company has not filed financial statements or annual returns for the preceding five consecutive financial years.
• If the Tribunal is of the opinion that it is just and equitable that be company should be wound up.
• If the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purposes or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and it is proper that the company be wound up.

Voluntary Winding up of a Company

The winding up of a company can also be done voluntarily by the members of the Company, if:

• If the company passes a special resolution for winding up of the Company.
• The company in general meeting passes a resolution requiring the company to be wound up voluntarily as a result of the expiry of the period of its duration, if any, fixed by its AOA or on the occurrence of any event in respect of which the articles of association provide that the company should be dissolved.