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Chapters55
    • ¶Chapter 37 overview
    • 2Definitions
    • 3Petition for winding up
    • 4Statement of affairs
    • 5Admission of petition and directions as to advertisement
    • 6Copy of petition to be furnished
    • 7Advertisement of petition
    • 8Application for leave to withdraw petition
    • 9Substitution for original petitioner
    • 10Procedure on substitution
    • 11Affidavit-in-objection
    • 12Affidavit in reply
    • 13Applicability
    • 14Appointment of provisional liquidator or Company Liquidator
    • 15Rules applicable to provisional liquidator
    • 16Costs, etc., of provisional liquidator
    • 17Order to be sent to liquidator and form of order
    • 18Contents of winding up order
    • 19Directions on making winding up order
    • 20Advertisement of order
    • 21Declaration by Company Liquidator
    • 22Company Liquidator to take charge of assets and books and papers of company
    • 23Form of proceedings after winding up order is made
    • 24Application for leave to commence or continue suit or proceeding
    • 25Report by Company Liquidator
    • 26Inspection of statement of affairs and report
    • 27Consideration of report by Tribunal
    • 28Provisional list of contributories
    • 29Notice to be given of date of settlement
    • 30Settlement of list
    • 31Notice of settlement to contributories
    • 32Supplemental list of contributories
    • 33Variation of list
    • 34Application for rectification of list
    • 35List of contributories consisting of past members
    • 36Meeting of creditors and contributories
    • 37Company Liquidator to report result of meeting
    • 38Filling -up of vacancy in advisory committee
    • 39Company Liquidator and members of advisory committee dealing with company’s assets
    • 40Advisory committee not to make profit
    • 41Cost of obtaining order of Tribunal
    • 42Order sanctioning payment to advisory committee
    • 43Meetings of advisory committee
    • 44Application of rules to meetings
    • 45Notice of meeting
    • 46Place and time of meeting
    • 47Notice of first or other meeting to officers of company
    • 48Proof of notice
    • 49Costs of meeting
    • 50Chairman of meeting
    • 51Resolution at creditors’ meeting
    • 52Resolution of contributories’ meeting
    • 53Copies of resolution to be filed
    • 54Non-receipt of notice by creditor or contributory
    • 55Adjournments
    • 56Quorum
    • 57Procedure in absence of quorum
    • 58When creditor can vote
    • 59Case in which creditors may not vote
    • 60When secured creditor can vote
    • 61Effect of voting by a secured creditor
    • 62Procedure when secured creditor votes without surrendering security
    • 63Admission or rejection of proof for purposes of voting
    • 64Minutes of proceedings
    • 65Report to Tribunal
    • 66Voting by proxies
    • 67Form of proxies
    • 68Proxies to Company Liquidator or chairman of meeting
    • 69Use of proxies by deputy
    • 70Forms to be sent with notice
    • 71Proxies to be lodged
    • 72Holder of proxy not to vote on matter in which he is financially interested
    • 73Minor not to be appointed proxy
    • 74Filling in proxy where creditor or contributory is blind or incapable
    • 75Proxy of person not acquainted with English
    • 76Submission of periodical reports to the tribunal
    • 77Employment of additional or special staff by Official Liquidator
    • 78Declaration by professional
    • 79Record book to be maintained by Company Liquidator
    • 80Registers and books to be maintained by Company Liquidator
    • 81All money to be paid into special bank account in a scheduled bank
    • 82Bills, cheques, etc. to be deposited with bank
    • 83Payments into Bank
    • 84Company Liquidator’s Dividend Account
    • 85Where the company has no available assets
    • 86Investment of surplus funds
    • 87Company Liquidator to examine accounts for purposes of investment
    • 88Investments to be made by Bank
    • 89Dividend and interest to be credited
    • 90Refunds of taxes
    • 91Half-yearly accounts to be filed
    • 92Form of account
    • 93Nil account
    • 94Registry to send copy of account to auditor
    • 95Audit of Company Liquidator’s accounts
    • 96Audit certificate to be filed
    • 97Audit fees
    • 98Inspection of account and certificate of audit
    • 99Account and auditor’s report to be placed before Tribunal
    • 100Notice for proving debts
    • 101Proof of debt
    • 102Mode of proof and verification thereof
    • 103Contents of proof
    • 104Workmen’s dues
    • 105Production of bills of exchange and promissory notes
    • 106Value of debts
    • 107Discount
    • 108Interest
    • 109Periodical payments
    • 110Proof of debt payable at future time
    • 111Examination of proof
    • 112Company Liquidator’s right to call any person in connection with investigation
    • 113Affidavit
    • 114Costs of proof
    • 115Acceptance or rejection of proof to be communicated
    • 116Appeal by creditor
    • 117Procedure where creditor appeals
    • 118Company Liquidator not to be personally liable for costs
    • 119Proofs and list of creditors to be filed in Tribunal
    • 120List of creditors not to be varied
    • 121Notice of filing list and inspection of same
    • 122Expunging of proof
    • 123Procedure on failure to prove debt within time fixed
    • 124Right of creditor who has not proved debt before declaration of dividend
    • 125Payment of subsequent interest
    • 126Attendance at proceedings
    • 127Representation of creditors and contributories before Tribunal
    • 128Powers of Company Liquidator
    • 129Company Liquidator to be in position of receiver
    • 130Company’s property to be surrendered to Company Liquidator on requisition
    • 131Calls by Company Liquidator
    • 132Company Liquidator to realise uncalled capital
    • 133Application for leave to make call
    • 134Notice of application
    • 135Order granting leave to make call and document making call
    • 136Service of notice of call
    • 137Order for payment of call
    • 138Other moneys due by contributories
    • 139Application for examination under section 299
    • 140Directions at hearing of application
    • 141Service of summons
    • 142Conduct of examination
    • 143Notes of deposition
    • 144Order for examination under section 300
    • 145Notice of examination
    • 146Adjournment of examination for orders of Tribunal
    • 147Procedure for contumacy
    • 148Notes of examination
    • 149Application under sub-section (5) of section 300
    • 150Warrant of arrest of contributory
    • 151Prison to which contributory arrested on warrant is to be taken
    • 152Execution of warrant of arrest outside jurisdiction of Tribunal
    • 153Application under section 339 or section 340
    • 154Directions at preliminary hearing of summons
    • 155Liberty to apply for further directions
    • 156Application for disclaimer
    • 157Preliminary hearing of application
    • 158Claimant to furnish statement of his interest
    • 159Service of notice
    • 160Order granting leave to disclaim
    • 161Disclaimer to be filed in Tribunal
    • 162Vesting of disclaimed property
    • 163No claim to be compromised or abandoned without sanction of Tribunal
    • 164Application for sanction of compromise
    • 165Sale to be subject to sanction and to confirmation by Tribunal
    • 166Procedure at sale
    • 167Expenses of sale
    • 168Declaration of dividend or return of capital
    • 169Notice of declaration
    • 170Form of authority to pay dividend
    • 171Transmission of dividends, etc. by post
    • 172Form of order directing return of capital
    • 173Payment of dividend or return of capital due to deceased creditor or contributory
    • 174Company Liquidator to apply for dissolution
    • 175Dissolution of company
    • 176Liquidator to pay the balance into Company Liquidation Dividend and Undistributed Assets Account
    • 177Conclusion of winding up
    • 178Application to declare dissolution void
    • 179Statement to accompany payment
    • 180Unclaimed dividends or undistributed assets under investment
    • 181Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account
    • 182Cost and expenses payable out of the assets in a winding up by Tribunal
    • 183Costs in the discretion of Tribunal
    • 184Bill of costs by authorised representative, etc. employed by Company Liquidator
    • 185Fees in misfeasance proceeding
    • 186Fees when proceeding is compromised
    • 187Costs of parties having common interest
    • 188Tribunal’s power to fix a fee
    • 189Allowance to witnesses
    • 190Powers and functions of Official Liquidator
    • 191Inspection of file
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  3. Chapter 37

Chapter 37

Companies (Winding Up) Rules, 2020

190 rules (2–191)

  • 2Definitions
  • 3Petition for winding up
  • 4Statement of affairs
  • 5Admission of petition and directions as to advertisement
  • 6Copy of petition to be furnished
  • 7Advertisement of petition
  • 8Application for leave to withdraw petition
  • 9Substitution for original petitioner
  • 10Procedure on substitution
  • 11Affidavit-in-objection
  • 12Affidavit in reply
  • 13Applicability
  • 14Appointment of provisional liquidator or Company Liquidator
  • 15Rules applicable to provisional liquidator
  • 16Costs, etc., of provisional liquidator
  • 17Order to be sent to liquidator and form of order
  • 18Contents of winding up order
  • 19Directions on making winding up order
  • 20Advertisement of order
  • 21Declaration by Company Liquidator
  • 22Company Liquidator to take charge of assets and books and papers of company
  • 23Form of proceedings after winding up order is made
  • 24Application for leave to commence or continue suit or proceeding
  • 25Report by Company Liquidator
  • 26Inspection of statement of affairs and report
  • 27Consideration of report by Tribunal
  • 28Provisional list of contributories
  • 29Notice to be given of date of settlement
  • 30Settlement of list
  • 31Notice of settlement to contributories
  • 32Supplemental list of contributories
  • 33Variation of list
  • 34Application for rectification of list
  • 35List of contributories consisting of past members
  • 36Meeting of creditors and contributories
  • 37Company Liquidator to report result of meeting
  • 38Filling -up of vacancy in advisory committee
  • 39Company Liquidator and members of advisory committee dealing with company’s assets
  • 40Advisory committee not to make profit
  • 41Cost of obtaining order of Tribunal
  • 42Order sanctioning payment to advisory committee
  • 43Meetings of advisory committee
  • 44Application of rules to meetings
  • 45Notice of meeting
  • 46Place and time of meeting
  • 47Notice of first or other meeting to officers of company
  • 48Proof of notice
  • 49Costs of meeting
  • 50Chairman of meeting
  • 51Resolution at creditors’ meeting
  • 52Resolution of contributories’ meeting
  • 53Copies of resolution to be filed
  • 54Non-receipt of notice by creditor or contributory
  • 55Adjournments
  • 56Quorum
  • 57Procedure in absence of quorum
  • 58When creditor can vote
  • 59Case in which creditors may not vote
  • 60When secured creditor can vote
  • 61Effect of voting by a secured creditor
  • 62Procedure when secured creditor votes without surrendering security
  • 63Admission or rejection of proof for purposes of voting
  • 64Minutes of proceedings
  • 65Report to Tribunal
  • 66Voting by proxies
  • 67Form of proxies
  • 68Proxies to Company Liquidator or chairman of meeting
  • 69Use of proxies by deputy
  • 70Forms to be sent with notice
  • 71Proxies to be lodged
  • 72Holder of proxy not to vote on matter in which he is financially interested
  • 73Minor not to be appointed proxy
  • 74Filling in proxy where creditor or contributory is blind or incapable
  • 75Proxy of person not acquainted with English
  • 76Submission of periodical reports to the tribunal
  • 77Employment of additional or special staff by Official Liquidator
  • 78Declaration by professional
  • 79Record book to be maintained by Company Liquidator
  • 80Registers and books to be maintained by Company Liquidator
  • 81All money to be paid into special bank account in a scheduled bank
  • 82Bills, cheques, etc. to be deposited with bank
  • 83Payments into Bank
  • 84Company Liquidator’s Dividend Account
  • 85Where the company has no available assets
  • 86Investment of surplus funds
  • 87Company Liquidator to examine accounts for purposes of investment
  • 88Investments to be made by Bank
  • 89Dividend and interest to be credited
  • 90Refunds of taxes
  • 91Half-yearly accounts to be filed
  • 92Form of account
  • 93Nil account
  • 94Registry to send copy of account to auditor
  • 95Audit of Company Liquidator’s accounts
  • 96Audit certificate to be filed
  • 97Audit fees
  • 98Inspection of account and certificate of audit
  • 99Account and auditor’s report to be placed before Tribunal
  • 100Notice for proving debts
  • 101Proof of debt
  • 102Mode of proof and verification thereof
  • 103Contents of proof
  • 104Workmen’s dues
  • 105Production of bills of exchange and promissory notes
  • 106Value of debts
  • 107Discount
  • 108Interest
  • 109Periodical payments
  • 110Proof of debt payable at future time
  • 111Examination of proof
  • 112Company Liquidator’s right to call any person in connection with investigation
  • 113Affidavit
  • 114Costs of proof
  • 115Acceptance or rejection of proof to be communicated
  • 116Appeal by creditor
  • 117Procedure where creditor appeals
  • 118Company Liquidator not to be personally liable for costs
  • 119Proofs and list of creditors to be filed in Tribunal
  • 120List of creditors not to be varied
  • 121Notice of filing list and inspection of same
  • 122Expunging of proof
  • 123Procedure on failure to prove debt within time fixed
  • 124Right of creditor who has not proved debt before declaration of dividend
  • 125Payment of subsequent interest
  • 126Attendance at proceedings
  • 127Representation of creditors and contributories before Tribunal
  • 128Powers of Company Liquidator
  • 129Company Liquidator to be in position of receiver
  • 130Company’s property to be surrendered to Company Liquidator on requisition
  • 131Calls by Company Liquidator
  • 132Company Liquidator to realise uncalled capital
  • 133Application for leave to make call
  • 134Notice of application
  • 135Order granting leave to make call and document making call
  • 136Service of notice of call
  • 137Order for payment of call
  • 138Other moneys due by contributories
  • 139Application for examination under section 299
  • 140Directions at hearing of application
  • 141Service of summons
  • 142Conduct of examination
  • 143Notes of deposition
  • 144Order for examination under section 300
  • 145Notice of examination
  • 146Adjournment of examination for orders of Tribunal
  • 147Procedure for contumacy
  • 148Notes of examination
  • 149Application under sub-section (5) of section 300
  • 150Warrant of arrest of contributory
  • 151Prison to which contributory arrested on warrant is to be taken
  • 152Execution of warrant of arrest outside jurisdiction of Tribunal
  • 153Application under section 339 or section 340
  • 154Directions at preliminary hearing of summons
  • 155Liberty to apply for further directions
  • 156Application for disclaimer
  • 157Preliminary hearing of application
  • 158Claimant to furnish statement of his interest
  • 159Service of notice
  • 160Order granting leave to disclaim
  • 161Disclaimer to be filed in Tribunal
  • 162Vesting of disclaimed property
  • 163No claim to be compromised or abandoned without sanction of Tribunal
  • 164Application for sanction of compromise
  • 165Sale to be subject to sanction and to confirmation by Tribunal
  • 166Procedure at sale
  • 167Expenses of sale
  • 168Declaration of dividend or return of capital
  • 169Notice of declaration
  • 170Form of authority to pay dividend
  • 171Transmission of dividends, etc. by post
  • 172Form of order directing return of capital
  • 173Payment of dividend or return of capital due to deceased creditor or contributory
  • 174Company Liquidator to apply for dissolution
  • 175Dissolution of company
  • 176Liquidator to pay the balance into Company Liquidation Dividend and Undistributed Assets Account
  • 177Conclusion of winding up
  • 178Application to declare dissolution void
  • 179Statement to accompany payment
  • 180Unclaimed dividends or undistributed assets under investment
  • 181Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account
  • 182Cost and expenses payable out of the assets in a winding up by Tribunal
  • 183Costs in the discretion of Tribunal
  • 184Bill of costs by authorised representative, etc. employed by Company Liquidator
  • 185Fees in misfeasance proceeding
  • 186Fees when proceeding is compromised
  • 187Costs of parties having common interest
  • 188Tribunal’s power to fix a fee
  • 189Allowance to witnesses
  • 190Powers and functions of Official Liquidator
  • 191Inspection of file
Chapter 36Companies (Removal of Names of Companies From the Register of Companies) Rules, 2016Chapter 38Companies (Authorized to Register) Rules, 2014