At present, the winding up of the company is done by the Tribunal instead of the court. Therefore, when the company is wound up by the Tribunal, it is called winding up or compulsory winding up by the Tribunal. Provision has been made for the establishment of Benches in the Companies Act, 2013. The Principal Bench of the Tribunal will be at New Delhi. The powers of the Tribunal will be exercised by these Benches.
The company can be dissolved by the Tribunal in the following cases (1) By special resolution When the company has passed a special resolution that it should be dissolved by the Tribunal, the directors of the company can apply to the Tribunal for the dissolution of the company , but on receipt of the application, the Tribunal may issue an order of winding up
was not obliged. (2) Inability to pay debts When the company is unable to pay its debts, the company may be wound up by the Tribunal. A company is deemed to be unable to pay its debts in the following circumstances:
(a) If any lender who has to take more than T one lakh from the company,
Demands payment from the company, but the company does not pay it within 21 days.
and does not determine it in any other way.
(b) If the company is not able to pay in full or in part the decree of the court or tribunal passed on it. (c) If the Tribunal has come to this conclusion having regard to the contingent liabilities of the company.
that the company is unable to pay its debts. Views of judges regarding inability to pay debts
(a) If a company responds to a claim made against itself for recovery of debt and fights against it in court as it is proper for it to do so, it cannot be taken to mean that the company because the debt Couldn’t pay the amount, so there was a lawsuit.
(b) If the bills of a company are dishonored, it does not mean that the company cannot pay its debts. (c) If the amount of liabilities in the balance sheet is more than the value of current assets, then on the basis of this fact alone it cannot be said that the company cannot pay its liabilities.
The winding up of such a company shall not be the only reason.
(d) A person made an application for compulsory winding up for non-recovery of 15 pounds salary from the company and 95 pounds for wrongful termination.