Chapter XX of Companies Act, 2013

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HomeBrud.gifIndian LawBrud.gifActsBrud.gifCompanies Act, 2013Brud.gifChapter XX of Companies Act, 2013

Chapter XX: Winding Up

Part I: Winding up by the Tribunal

  • Section 271: Circumstances in which company may be wound up by Tribunal
  • Section 272: Petition for winding up
  • Section 273: Powers of Tribunal
  • Section 274: Directions for filing statement of affairs
  • Section 275: Company Liquidators and their appointments
  • Section 276: Removal and replacement of liquidator
  • Section 277: Intimation to Company Liquidator, provisional liquidator and Registrar
  • Section 278: Effect of winding up order
  • Section 279: Stay of suits, etc., on winding up order.
  • Section 280: Jurisdiction of Tribunal
  • Section 281: Submission of report by Company Liquidator
  • Section 282: Directions of Tribunal on report of Company Liquidator
  • Section 283: Custody of company's properties
  • Section 284: Promoters, directors, etc., to cooperate with Company Liquidator
  • Section 285: Settlement of list of contributories and application of assets.
  • Section 286: Obligations of directors and managers
  • Section 287: Advisory committee
  • Section 288: Submission of periodical reports to Tribunal
  • Section 289: Power of Tribunal on application for stay of winding up.
  • Section 290: Powers and duties of Company Liquidator
  • Section 291: Provision for professional assistance to Company Liquidator
  • Section 292: Exercise and control of Company Liquidator's powers.
  • Section 293: Books to be kept by Company Liquidator
  • Section 294: Audit of Company Liquidator's accounts
  • Section 295: Payment of debts by contributory and extent of set-off.
  • Section 296: Power of Tribunal to make calls
  • Section 297: Adjustment of rights of contributories
  • Section 298: Power to order costs
  • Section 299: Power to summon persons suspected of having property of company, etc.
  • Section 300: Power to order examination of promoters, directors, etc
  • Section 301: Arrest of person trying to leave India or abscond.
  • Section 302: Dissolution of company by Tribunal.
  • Section 303: Appeals from orders made before commencement of Act.

Part II: Voluntary winding up

  • Section 304: Circumstances in which company may be wound up voluntarily.
  • Section 305: Declaration of solvency in case of proposal to wind up voluntarily
  • Section 306: Meeting of creditors
  • Section 307: Publication of resolution to wind up voluntarily.
  • Section 308: Commencement of voluntary winding up.
  • Section 309: Effect of voluntary winding up.
  • Section 310: Appointment of Company Liquidator.
  • Section 311: Power to remove and fill vacancy of Company Liquidator
  • Section 312: Notice of appointment of Company Liquidator to be given to Registrar.
  • Section 313: Cesser of Board's powers on appointment of Company Liquidator.
  • Section 314: Powers and duties of Company Liquidator in voluntary winding up
  • Section 315: Appointment of committees
  • Section 316: Company Liquidator to submit report on progress of winding up.
  • Section 317: Report of Company Liquidator to Tribunal for examination of persons.
  • Section 318: Final meeting and dissolution of company
  • Section 319: Power of Company Liquidator to accept shares, etc., as consideration for sale of property of company.
  • Section 320: Distribution of property of company.
  • Section 321: Arrangement when binding on company and creditors
  • Section 322: Power to apply to Tribunal to have questions determined, etc.
  • Section 323: Costs of voluntary winding up

Part III: Provisions applicable to every mode of winding up

  • Section 324: Debts of all descriptions to be admitted to proof
  • Section 325: Application of insolvency rules in winding up of insolvent companies
  • Section 326: Overriding preferential payments
  • Section 327: Preferential payments
  • Section 328: Fraudulent preference
  • Section 329: Transfers not in good faith to be void
  • Section 330: Certain transfers to be void
  • Section 331: Liabilities and rights of certain persons fraudulently preferred
  • Section 332: Effect of floating charge.
  • Section 333: Disclaimer of onerous property
  • Section 334: Transfers, etc., after commencement of winding up to be void.
  • Section 335: Certain attachments, executions, etc., in winding up by Tribunal to be void.
  • Section 336: Offences by officers of companies in liquidation
  • Section 337: Penalty for frauds by officers.
  • Section 338: Liability where proper accounts not kept.
  • Section 339: Liability for fraudulent conduct of business
  • Section 340: Power of Tribunal to assess damages against delinquent directors, etc.
  • Section 341: Liability under sections 339 and 340 to extend to partners or directors in firms or companies.
  • Section 342: Prosecution of delinquent officers and members of company.
  • Section 343: Company Liquidator to exercise certain powers subject to sanction.
  • Section 344: Statement that company is in liquidation.
  • Section 345: Books and papers of company to be evidence.
  • Section 346: Inspection of books and papers by creditors and contributories.
  • Section 347: Disposal of books and papers of company.
  • Section 348: Information as to pending liquidations.
  • Section 349: Official Liquidator to make payments into public account of India.
  • Section 350: Company Liquidator to deposit monies into scheduled bank.
  • Section 351: Liquidator not to deposit monies into private banking account.
  • Section 352: Company Liquidation Dividend and Undistributed Assets Account.
  • Section 353: Liquidator to make returns, etc.
  • Section 354: Meetings to ascertain wishes of creditors or contributories.
  • Section 355: Court, tribunal or person, etc., before whom affidavit may be sworn.
  • Section 356: Powers of Tribunal to declare dissolution of company void.
  • Section 357: Commencement of winding up by Tribunal.
  • Section 358: Exclusion of certain time in computing period of limitation.

Part IV: Official Liquidators

Chapters and Sections from the Indian Companies Act, 2013

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