Companies (Winding up) rules 2020

Companies (Winding-up) rules 2020

Part I

1. Short title commencement and application

2. Definitions

Part II

Winding-up by Tribunal

3&4. Petition for winding up& statement of affairs

·         for the purpose of sec272(1) the said company is to be filed a petition of winding up in Form WIN-1 or WIN-2 as the case may be, in triplicate.

·         Every petition is to be verified by an affidavit made by petitioner or members representing the body corporates in From WIN-3

·         Statement of affairs, as required to be filled in duplicate under sec 272(4)  or 274(1) shall be in form WIN 4and the information there shall not be more than 30 days prior to the date of filling

·         Statement of affairs in duplicate duly verified by an affidavit and affidavit of the concurrence of the statement of affairs shall be in WIN 5

5. Admission of petition

·         Upon filing the petition it is to be posted before the tribunal for admission of the petition and fixing a date for hearing thereof and for appropriate directions as to the advertisements to be published. The petitioner shall bear all the costs of the advertisement

6. Copy of petition:

·         Every contributory of the company is entitled to furnish with a copy of the petition with in 24 hours of his requiring after paying Rs.5 per page.

7. Advertisement of the petition:

·         Notice of the petition shall be advertised in any daily newspaper in English and in a vernacular language where the registered office of the company is located within not less than 14 days before the date fixed for hearing, subject to any directions of the tribunal. The advertisement shall be in Form WIN-6.

8. Application for leave to withdraw petition:

·         A petition for winding up shall not be withdrawn after the presentation, without the leave of the Tribunal subject to compliance with any order of the Tribunal, including as to costs.

·         An application for leave to withdraw a petition for winding up which has been advertised in accordance with the provisions of rule 7 shall not be heard at any time before the date fixed in the advertisement for the hearing of the petition.

9. Substitution for original petitioner:

·         Where a petitioner

                                  i.            is not entitled to present a petition or

                                ii.            fails to advertise his petition within the time prescribed or

                              iii.            consents to withdraw the petition or

                             iv.            to allow it to be dismissed or

                               v.            fails to appear in support of his petition when it is called on in tribunal on original day fixed or adjourned for hearing  or

                             vi.            if appearing does not apply for an order in terms of the prayer of his petition or

·         where in the opinion of the tribunal

                                  i.            there is other sufficient cause for an order being made under this rule,

                                ii.            the Tribunal may, upon such terms as it may think just, substitute as petitioner any other person who in the opinion of the tribunal would have a right to present a petition, and who is desirous of prosecuting the petition.

10. Procedure for substitution:

·         if the tribunal makes the substitution of the petitioner in a winding-up petition

                                i.            it shall adjourn the hearing of the petition to the date fixed by the bench and

                              ii.            direct such amendments of the petition as may be necessary

a.      such contributory shall within 7 days from making of the order amend the petition accordingly and

b.      File 2 legible and clean copies thereof together with an affidavit in duplicate stating the grounds on which he supports the petition.

·         The amended petition shall be treated as a petition for winding up of the company

·         It shall be deemed to have been presented on the date on which the original petition was presented.

11. Affidavit-in-objection:

·         Any affidavit in objection of petition u/s 272(1) shall be filed within 30 days from the date of order

·         A copy of the affidavit shall be served on the petitioner or his authorized representative

·         Affidavit shall also be given to any contributory appearing in support of the petition that require on paying Rs.5 per page within 3 working days.

12. Affidavit in reply:

·         An affidavit in reply to the affidavit in objection to the petition shall be filled within 7 days before the day fixed for hearing of the petition.

·         A copy of the affidavit in reply shall be filled on the day of filling thereof to the person affidavit in an objection was filled with his authorized representative.