Whether company can be closed u/s 248 ?

Hello Eeveryone,

If the company is having share capital 1.8 crore , reserve and surplus 2.1 crore and cash in hand can it go for fast track exit. As co. did not do any transaction for more than last 2 years.
Also can Company distributes its Reserve among the shareholders of the Company in the meeting conducted for approval for FTE. If Yes, then How?

Thanks & Rehards,

Karan