Winding up of company on report of company administrator

If the scheme is not approved by the creditors in the manner specified in sub-section

of section 262, the company administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the winding up of the sick company.

On the passing of an order under sub-section ( 1 ), the Tribunal shall conduct the proceedings for winding up of the sick company in accordance with the provisions of Chapter XX.