{"id":19214,"date":"2019-04-08T06:50:11","date_gmt":"2019-04-08T06:50:11","guid":{"rendered":"https:\/\/www.legalraasta.com\/blog\/?p=19214"},"modified":"2026-04-07T17:17:03","modified_gmt":"2026-04-07T11:47:03","slug":"winding-up-of-a-company","status":"publish","type":"post","link":"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/","title":{"rendered":"All you need to know on how to wind up your existing company"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#What_is_winding_up\" title=\"What is winding up?\">What is winding up?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#Methods_of_winding_up_of_a_company\" title=\"Methods of winding up of a company\">Methods of winding up of a company<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#Voluntary_winding_up\" title=\"Voluntary winding up\">Voluntary winding up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#Compulsory_Tribunal_winding_up\" title=\"Compulsory (Tribunal) winding up\">Compulsory (Tribunal) winding up<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#Who_needs_to_file_the_petition\" title=\"Who needs to file the petition?\">Who needs to file the petition?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.legalraasta.com\/blog\/winding-up-of-a-company\/#Power_of_tribunal\" title=\"Power of tribunal\">Power of tribunal<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_is_winding_up\"><\/span>What is winding up?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\">When a company, being a separate legal entity, ceases to exist, it is called as winding up of a company. It is also known as Dissolution or Liquidation of the firm. This could be due to an agreement among stakeholders of the company, the loss incurred, bankruptcy, the death of promoters, and the list go on.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Methods_of_winding_up_of_a_company\"><\/span>Methods of winding up of a company<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Under section 270 of Companies Act 2013, it could be done voluntarily (mutual agreement among the members of the company) or compulsory (by a tribunal).<\/p>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Voluntary_winding_up\"><\/span>Voluntary winding up<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: left;\">It is done by the mutual agreement among the stakeholders of the company. The stakeholders include managers, sponsors, creditors, clients (individual\/company), etc.<\/p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"><strong>Conditions :<\/strong><\/span><\/p>\n<ol style=\"text-align: left;\">\n<li>The members could wind up the firm by passing a special or ordinary resolution when the date of winding up (as mentioned in the Articles of Association) arrives.<\/li>\n<li>Completion of the project\/event for which the company was constituted.<\/li>\n<\/ol>\n<p style=\"text-align: left;\"><strong>The procedure for winding up a company under Voluntary ways<\/strong><\/p>\n<ol style=\"text-align: left;\">\n<li>\u00a0The company should have at least 2 Board of Directors on board to initiate the process of winding up. There needs to be assurance that there aren&#8217;t any 3rd party debts or it will be able to repay its debts in case it\u2019s wound up. <strong>Read more<\/strong>: <a href=\"https:\/\/www.legalraasta.com\/blog\/executive-vs-non-executive-director-in-companies\/\" target=\"_blank\" rel=\"noopener noreferrer\">Executive and Non-Executive Director<\/a><\/li>\n<li>Now, the date and time of a <a href=\"https:\/\/www.legalraasta.com\/blog\/annual-general-meeting-under-companies-act\/\" target=\"_blank\" rel=\"noopener noreferrer\">general meeting<\/a> should be put into notice with the members of the firm.<\/li>\n<li>In the case of a general meeting, there needs to be a simple majority or 3\/4th majority in favor of winding up.<\/li>\n<li>After the resolution is passed, the meeting of creditors shall be held. The company could proceed if there is a majority that says that it would be beneficial if the company winds up.<\/li>\n<li>The company shall file a notice with the <a href=\"https:\/\/www.legalraasta.com\/blog\/registrar-of-companies-roc-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">registrar of companies<\/a> to appoint an official liquidator to carry out the process, within 10 days after creditor&#8217;s approval.<\/li>\n<li>Within 14 days of resolution, the company should put an advertisement in the local newspaper as well as issue a notice to the OfficialGazettee, indicating the winding up process.<\/li>\n<li>Within 30 days when the resolution is passed, the company shall file the certified copies of a special or ordinary resolution, as the case may be.<\/li>\n<li>Liquidators account is prepared and audited.<\/li>\n<li>A final general meeting is held and application is filed along with a copy of account sent to the tribunal for passing an order of dissolution of the firm.<\/li>\n<li>Within 60 days, the order of dissolution shall be passed by the tribunal.<\/li>\n<li>Liquidator needs to file a copy to the registrar.<\/li>\n<li>After the order is passed by the tribunal, the registrar needs to publish a notice declaring that the company is dissolved.<\/li>\n<\/ol>\n<h3 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Compulsory_Tribunal_winding_up\"><\/span>Compulsory (Tribunal) winding up<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p style=\"text-align: left;\">The winding up process is done by the tribunal. Also known as tribunal winding up, this method is solely done by the tribunal and the company has little to no say in the procedure. So, a company will be a spectator and need not follow any directions.<\/p>\n<p style=\"text-align: left;\"><strong>Conditions to wind up voluntarily:<\/strong><\/p>\n<ol style=\"text-align: left;\">\n<li>If the Company is unable to pay its debts.<\/li>\n<li>A special resolution has been passed by the company for winding up.<\/li>\n<li>If a company acts against the ideals\/interests\/sovereignty of the nation.<\/li>\n<li>If the company has put the relations with other nations in jeopardy.<\/li>\n<li>If financial statements or annual returns for the preceding 5 years has not been filed.<\/li>\n<li>If the tribunal finds it just and equitable to wind up the company.<\/li>\n<li>If the company has taken part in unlawful business or illicit practices.<\/li>\n<li>Any member, part of the founding committee of the firm, is found guilty of fraudulent practices.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Who_needs_to_file_the_petition\"><\/span>Who needs to file the petition?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\">The parties that can file a petition for winding up, according to the <a href=\"https:\/\/www.legalraasta.com\/companies-act-2013\/\" target=\"_blank\" rel=\"noopener noreferrer\">Companies Act 2013<\/a>, are:<\/p>\n<ol style=\"text-align: left;\">\n<li>Company<\/li>\n<li>Creditors<\/li>\n<li>Any of the Contributory or contributors<\/li>\n<li>Central or state government<\/li>\n<li>Registrar of Companies<\/li>\n<li>Any other person authorized by the central government for that purpose<\/li>\n<\/ol>\n<h2 style=\"text-align: left;\"><span class=\"ez-toc-section\" id=\"Power_of_tribunal\"><\/span>Power of tribunal<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: left;\">Within 90 days from the date of presentation of the petition, the tribunal may pass an order in any of the following ways:<\/p>\n<ul style=\"text-align: left;\">\n<li>It could dismiss it, cost included\/excluded.<\/li>\n<li>It can pass an interim order as it deems fit;<\/li>\n<li>Till the making of a winding up order, it can appoint a provisional liquidator of the company.<\/li>\n<li>Finally, the tribunal can pass the order of winding up.<\/li>\n<\/ul>\n<p style=\"text-align: left;\"><strong>Example<\/strong><\/p>\n<p>Companies like RadioShack, Toys &#8220;R&#8221; Us, Blockbuster were some of the famous US-based companies that wound up or liquidated. Some Indian Companies are Rossell Industries, Iba (health India) private limited. During this process, the company can no longer carry out its normal business. The only action it may carry out is to complete liquidation and distribute its assets. As this process completes, the company will be dissolved and cease to exist.<\/p>\n<p>We excel in providing help in <a href=\"https:\/\/www.legalraasta.com\/closing-llp\/\" target=\"_blank\" rel=\"noopener noreferrer\">closing LLP<\/a>\u00a0and <a href=\"https:\/\/www.legalraasta.com\/closing-private-limited-company\/\" target=\"_blank\" rel=\"noopener noreferrer\">closing private limited company<\/a>\u00a0or many more services that you can check on our website.<\/p>\n<p>If you wish to wind up your company,<a href=\"https:\/\/www.legalraasta.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u00a0LegalRaasta<\/a>\u00a0can help you in a better way. Our expert&#8217;s team will guide you step by step. You can contact us: +91 <span style=\"color: #3366ff;\">8750008585<\/span> or email us at <a href=\"mailto:contact@legalraasta.com\" target=\"_blank\" rel=\"noopener noreferrer\">contact@legalraasta.com<\/a>. So what are you waiting for? Contact us right now and get the job done.<\/p>\n<blockquote><p>Related articles:<\/p>\n<p class=\"entry-title fusion-post-title\"><a href=\"https:\/\/www.legalraasta.com\/close-private-ltd-company-in-india\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Close Private Limited Company in India?<\/a><\/p>\n<p class=\"entry-title fusion-post-title\" data-fontsize=\"30\" data-lineheight=\"37\"><a href=\"https:\/\/www.legalraasta.com\/blog\/board-meeting-as-per-companies-act-2013\/\" target=\"_blank\" rel=\"noopener noreferrer\">What are the Requirements for Board Meeting as per Companies Act 2013<\/a><\/p>\n<p class=\"entry-title fusion-post-title\"><a href=\"https:\/\/www.legalraasta.com\/types-of-directors\/\" target=\"_blank\" rel=\"noopener noreferrer\">Types of Directors under Companies Act 2013<\/a><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>What is winding up? When a company, being a separate legal entity, ceases to exist, it is called as winding up of a company. It is also known as Dissolution or Liquidation of the firm. This could be due to an agreement among stakeholders of the company, the loss incurred, bankruptcy, the death of promoters, and [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":19238,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[558],"tags":[2650,2767,2766,2649,2648,2643,2644,2645],"class_list":["post-19214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-companies-out-of-business","tag-what-is-winding-up","tag-who-needs-to-file-the-petition-for-winding-up-of-a-company","tag-winding-up-by-stakeholders","tag-winding-up-by-tribunal","tag-winding-up-of-a-company","tag-winding-up-of-a-firm","tag-winding-up-of-partnership"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Winding up of a company in India | Online Learning | LegalRaasta |<\/title>\n<meta name=\"description\" content=\"There are two types of winding up of a company. 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