TIME PERIOD FOR FILING OF THE WINDING UP PETITION?
Daksh
(Querist) 06 October 2010
This query is : Resolved
DEAR ALL,
AFTER ISSUANCE OF SECTION 433 & 434 OF THE COMPANIES ACT, 1956 NOTICE WHAT IS THE LIMITATION PERIOD FOR FILING THE WINDING UP PETITION.
KINDLY REFER THE STATUTE/CASE LAW FOR MY BENEFIT.
THANKING YOU IN ADVANCE
BEST REGARDS
DAKSH
pawan sharma
(Expert) 06 October 2010
Dear Daksh,
i am attaching some points
R.Ramachandran
(Expert) 06 October 2010
Mr. Daksh, I think you are talking about filing of petition for winding up of a Company under Section. 433(e) - unable to pay its debts; read with Section 434.
Since debt means legally enforceable debt, the petition need to be filed within 3 years from the date of the debt becoming due. Otherwise it will become time-barred.
In any case, normally having issued the notice u/s. 433, 434, it is expected that party has to file the petition without much loss of time. It should also be remembered that 'winding up of a company' is a discretionary remedy. As such, court would also expect the party to come before it well within time.
Dear Mr. Pawan Sharma:
This is yet another instance, where you are giving some information which is not at all relevant to the point raised by the querist.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 06 October 2010
You can file the winding petition just after the expiry of notice period.
And I appreciate Mr Ramchandran for checking the tendencies of people who are not knowing still giving the opinion.
I also request other members on this section as well in regular forum where intruders even give silly and abusive personal remarks whenever they are told that they are wrong.
Silabhadra Sastry Advocate
(Expert) 07 October 2010
Dear Mr.Daksh I am agreed with other experts,and would like to say that in the notice you have to give 3 weks (21) days time (from the date of receipt of notice) to pay the demanded amount.In failure of payment or any part there off which exceeds minimum Rs.1 lakh then you can proceed with the wind up petition before the company court after the expiry of notice period.
Daksh
(Querist) 07 October 2010
Thank you all.
Best Regards
Daksh
M/s. Y-not legal services
(Expert) 07 October 2010
Yes.. I agree with mr.ramchandran. Dear pawan sharma, your attachment not related with this query.. Even i don't know in which point of you, you have attached that.. Any way good contribution. Keep it up.
