A Critical Analysis with Relevant Provisions of Companies Act, 1956 & 2013 on Petition for Winding Up

Abstract

Prior to November 15, 2016 the term ‘Winding up’ was neither defined in the companies Act, 1956 and the Companies Act, 2013. It is inserted by Act 31 of 2016, Section 255 of the insolvency and Bankruptcy Code, 2016 (“the Code”) which has been notified and effected from 15^th November, 2016. By virtue of this Section stands amended in accordance with schedule Eleventh Para 1 (b) of the Code. Now Schedule XI defines the Term ‘winding up’ with introducing new Section in the Companies Act, 2013 as 2(94A) where ‘winding up’ means winding up under this Act or Liquidation Under the Insolvency and Bankruptcy Code,2016, as applicable.