NCLT has jurisdiction over all winding up proceedings, including, inter alia, winding up on the ground of inability to pay debt, where such petition is served to a respondent after 15th December, 2016. For all other winding up petitions served before 15th December, 2016, High Court will continue to have jurisdiction.
Debtor’s Unwillingness to Pay Debts without Proof of his Inability to Pay. We answer in this post- (a) Can Proceedings Commence in such a situation? and (b) Would a cessation of payment by the debtor need to be proved?
[2013] 178 CompCas 282 (Delhi) FACTS: A petition was filed by two shareholders for winding up of the appellant-company under section 433 of the Companies Act, 1956. The company court by the impugned order admitted the petition, directed the company to be wound up and, ordered the citation to be published in the “Statesman” (English)…
A Admitted Debt u/s 433(3) of Companies Act, 1956 Alternative Remedy to be initiated before invoking just and equitable clause u/s 433 (f) B Bona fide dispute C Commercial Insolvency Creditor’s Objection to Winding Up Composite petitions under Sections 397, 398 and 433(f) D Dissolution of Partnership and Deadlock as grounds for Winding Up under Section…