Section 272 Petition for winding up
- Chapter
- XX · Winding Up
- Amendments
- 2
- Last changed
- 15 August 2019
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"272. Petition for winding up.—
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(1) Subject to the provisions of this section, a petition to the Tribunal for the winding up of a company shall be presented by—
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(a) the company;
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(b) any contributory or contributories;
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(c) all or any of the persons specified in clauses (a) and (b);
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(d) the Registrar;
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(e) any person authorised by the Central Government in that behalf; or
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(f) in a case falling under clause (b) of section 271, by the Central Government or a State Government.
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(2) A contributory shall be entitled to present a petition for the winding up of a company, notwithstanding that he may be the holder of fully paid-up shares, or that the company may have no assets at all or may have no surplus assets left for distribution among the shareholders after the satisfaction of its liabilities, and shares in respect of which he is a contributory or some of them were either originally allotted to him or have been held by him, and registered in his name, for at least six months during the eighteen months immediately before the commencement of the winding up or have devolved on him through the death of a former holder.
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(3) The Registrar shall be entitled to present a petition for winding up under section 271, except on the grounds specified in clause (a) Substituted by Companies (Amendment) Act, 2019, s. 37, with effect from 15 August 2019. Earlier read: "or clause (e) of that sub-section"of that section:
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"Provided that the Registrar shall obtain the previous sanction of the Central Government to the presentation of a petition:
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"Provided further that the Central Government shall not accord its sanction unless the company has been given a reasonable opportunity of making representations.
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(4) A petition presented by the company for winding up before the Tribunal shall be admitted only if accompanied by a statement of affairs in such form and in such manner as may be prescribed.
Substituted by Insolvency and Bankruptcy Code, 2016, s. 255, with effect from 15 November 2016. Earlier read: "section 272"(5) A copy of the petition made under this section shall also be filed with the Registrar and the Registrar shall, without prejudice to any other provisions, submit his views to the Tribunal within sixty days of receipt of such petition.