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The court shall not refuse to make a winding up order on the ground only that the assets of the company have been mortgaged to an amount equal to or in excess of those assets or that the company has no assets. Where the petition is presented on the ground that it is just and equitable that the company should be wound up the court may refuse to make an order of winding up if it is of opinion that some other remedy is available to the petitioners and that they are acting unreasonably in seeking to have the company wound up instead of pursuing that other remedy.
Penalty:
It default is made in complying with the foregoing provision the petitioner or as the case may requires the company and every officer of the company who is in default shall be punishable with fine which may extend to one hundred rupees for each day during which the default continues.
A. When the period if any fixed for the duration of the company by the articles expires. B. When the event if any occurs on the occurrence of which the articles provide that the company is to be dissolved and the company in general has passed a resolution to that effect. C. When the company resolves by special resolution that the company be wound up voluntarily.
Penalty:
If a company makes default it shall be liable to a fine not exceeding one hundred rupees for every day during which the default continues and every office of the company who without reasonable excuse authorize or permits the default or is a party to the default shall be liable to a like penalty.
i. ii.
The company has no debts. That it will be able to pay all its debts in full within such period not exceeding twelve months from the commencement of the winding up as may be specified in the declaration.
The declaration shall not be effective unless. a) It is made within five weeks immediately preceding the date of passing of winding up proceeding. b) It is delivered to the registrar for registration before that date. c) It is supported by a report of the companys auditor on the companys affairs
Appointment of liquidator:
In members voluntary winding up a liquidator is appointed in general meeting by company to wind up the affair in case of creditors voluntarily winding up company and creditors appointment.