Winding Up – Test 1

As per Companies Act, 2013 Winding up means:

1.winding up under this Act

2.dissolution of company

3.liquidation under the Insolvency and Bankruptcy Code, 2016, as applicable.

In what circumstances a company may be wound up, on a petition u/s 272, by the Tribunal:

Which of the following person/persons is/are entitled to make petition for Winding Up to Tribunal:

If any director or officer of the company contravenes the provisions of Sec. 274, the director or the officer of the company who is in default shall be punishable with _____.

Who may be appointed as the provisional liquidator or company liquidator by the tribunal?

The Tribunal may, on a reasonable cause being shown and for reasons to be recorded in writing remove the provisional liquidator or the Company Liquidator, as the case may be, as liquidator of the company on certain grounds. Which of the below-mentioned situation cannot be considered as a ground for removal?

In what circumstances the Tribunal may transfer the work assigned to the provisional liquidator or as the case may be, Company Liquidator to another Company Liquidator:

Where the Tribunal makes an order for appointment of provisional liquidator or for the winding up of a company, it shall, within a period not exceeding _____ from the date of passing of the order, cause intimation thereof to be sent to the Company Liquidator or Provisional Liquidator, as the case may be, and the Registrar.

When can a winding-up order not be called a notice of discharge?

Within _____ from the date of passing of winding up order, the Company Liquidator shall make an application to the Tribunal for constitution of a ____ to assist and monitor the progress of liquidation proceedings by the Company Liquidator.

Who shall make an application to the Tribunal for constitution of a winding up committee to assist and monitor the progress of liquidation proceedings by the Company Liquidator in carrying out the function?

Winding up committee shall comprise of the following persons, namely:

(i) official Liquidator attached to the Tribunal

(ii) nominee of secured creditors

(iii) a professional nominated by the Tribunal

Which of the below mentioned are not the functions of winding up committee?

The Company Liquidator shall place a report before the _____ along with minutes of the meetings of the committee on monthly basis duly signed by the members present in the meeting for consideration till the final report for dissolution of the company is submitted before the _____.

The order for the winding up of a company shall operate in favour of

(i) all the creditors

(ii) all contributors of the company

(iii) all the liquidators of the company

When a winding up order has been passed or a provisional liquidator has been appointed, no suit or other legal proceedings shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, by or against the company, except with the leave of the Tribunal and subject to such terms as the Tribunal may impose. Any application to the Tribunal seeking such leave shall be disposed of by the Tribunal within____.

When a winding up order has been passed or a provisional liquidator has been appointed, no suit or other legal proceedings shall be commenced, or if pending at the date of the winding up order, shall be proceeded with, by or against the company, except with the leave of the Tribunal and subject to such terms as the Tribunal may impose. No application can be made to the Tribunal seeking for any proceeding pending in appeal before

(i) Supreme Court

(ii) High Court

(iii) Central Government

What is the jurisdiction of the Tribunal?

Where the Tribunal has made a winding up order or appointed a Company Liquidator, such liquidator shall, within ____ from the order submit a report to the Tribunal.

Which of the following is not a content of the Report submitted by the Company Liquidator to the Tribunal?

Which of the following matter the Company Liquidator shall include in his report?

Following persons have the right to inspect the report submitted by the Company Liquidator and take copies thereof or extracts therefrom on payment of the prescribed fees.

(i) A creditor of the company

(ii) A contributory of the company

(iii) Promoters and officers of the company

What is the time limit within which the entire proceedings shall be completed and the company be dissolved after submission of the report by the Company Liquidator?

The promoters, directors, officers and employees, who are or have been in employment of the company or acting or associated with the company shall extend full cooperation to the Company Liquidator in discharge of his functions and duties. Where any person, without reasonable cause, fails to discharge his obligations, he shall be punishable ______.

The meeting of advisory committee shall be chaired by the ____.

In case of conflict in directions given by the creditors or contributories at any general meeting and any directions given by the advisory committee, whose decision shall be final?

Who can initiate misfeasance proceedings?

As far as it relates to the winding up of companies by the Tribunal, Official Liquidators may be appointed by

Where the company to be wound up has assets of book value not exceeding _____ and belongs to such class or classes of companies as may be prescribed, the C.G. may order it to be wound up by Summary procedure.

Whether any remedy is available to creditors aggrieved by decision of official liquidator?