Winding up of company

What is the procedure for winding up of a company?

The procedure for compulsory winding up is as follows:

1.  A Creditor Issues the Winding up Petition. …
2.  The Company has Just 7 Days to Object or Appeal. …
3.  The Petition Advertisement is Published. …
4. Company Bank Accounts are Frozen. …
5.  The Winding up Petition Hearing.

What are the types of winding up of a company?

The three modes of winding up are (a) Winding Up by the National Company Law Tribunal (the Tribunal) (b) Voluntary Winding Up under section 59 of the Code; (c) the ‘Fast Track Exit Scheme’ applicable to defunct companies under section 248 of the Act.

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