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petition for winding up shall not be withdrawn after the presentation, without the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.