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Provisions in law for winding up of a company for non-payment of dues
23-Mar-2023 (In Corporate Law)
What are the provisions for winding up of a company for non payment of dues after the insolvency and bankruptcy code? Also is 433(e) of companies act 1956 still in force?
to answer your query shortly after the enactment of The Insolvency and Bankruptcy Code, 2016 High court ceases to have jurisdiction for adjudicating Winding Up. You can file a corporate insolvency before NCLT as defined us 7/10 of the act ( National Company Law Tribunal) constituted under section 408 of the companies act 2013.
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Adv. Shekhar Raj Sharma
Delhi | 100+ Answers
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As per new Bankruptcy code if a company fails to pay a sum of Rs 1,00,000/- despite demand raised by the Creditor within 15 days of demand raised by the creditor then a Creditor can move to National Company Law Tribunal for declaring the company Insolvent. Both the act Bankruptcy code as well as Companies Act complement each other.
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Adv. Varun Singh Ahuja
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