Winding up petition

get a good book in this matter and still practical expereince needed even to get notice issued.

Dear sanket

GENERAL CIRCULAR NO. 54/2011

F. No. 35/6/2011/Insolvency

Government of India

Ministry of Corporate Affairs

5th Floor, ‘A’ Wing, Shastri Bhavan,

Dr. R.P. Road, New Delhi-110001

Dated 26th July 2011

To

All Regional Directors

All ROCs

All Official Liquidators

Subject: Pro-active action in case of winding up petitions.

It has been noticed that winding up petitions are filed by creditors, stake

holders and management before Hon’ble High courts without providing full

information. This leads to waste of valuable time of Hon’ble Court and also delays

completion of winding up process as well. In order to speed up the winding up

process and to introduce best international practices the winding up process,

following actions will be taken by concerned OL:-

(a) OLs shall post one of the staff members to the Company Court to

keep track of all cases where applications have been filed for winding

up, but orders for winding up are yet to be issued by the Court.

(b) For all cases pending till date and in future as well, information shall

be obtained by OL from “institution register” maintained in High Court

and action as below must be taken in all cases.

(c) In each case the OL will file an application praying to the Court to

direct the management of the company to submit following

information duly verified by a chartered accountant:-

(i) The current addresses of the Directors, Company Secretary

and Statutory Auditor of the company;

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(ii) Location and physical details of each immovable asset of the

company along with its current valuation;

(iii) The details of all the debtors and creditors with their

complete addresses and occupations;

(iv) The details of each movable asset of the company along with

value;

(v) The details of workmen/employees and any amount

outstanding to them;

(vi) The details of all movable and immovable assets held in the

personal names of director by providing its location, value,

dates of acquisition and nature of right, title and interest

therein;

(vii) Copies of last three years audited balance sheet of the

company; and

(viii) The details of location of the registered office of the

company.

(d) RDs will ensure that in all pending cases, the applications are moved by

OL before the Court before the next date of hearing and in all new

cases, these are filed before the Hon’ble Court before the second

hearing of the case.

(e) RDs will ensure that a standard draft is prepared by them after

taking legal advice and the same is used in all cases by OLs.

(Jaikant Singh)

Director

 and i will try to my best to provide a copy of petition as soon as possible

 I propose to file a winding up petition against a pvt. ltd. co. as it owes the refund of security deposit to my client and refuses tp pay so. I have already served a winding up notice on the party under section 434. They have replied to the notice but no defence as regards the winding up of the company.

Should i reply back to the notice or just go ahead with filing of the winding up petition in the Court.

Also which court shall have teh jurisdiction?? High Court or Small Causes Court??

Kindly provide assistance.

Thank you.