Expert Committee for winding-up of sick companies

Expert Committee for winding-up of sick companies

The Government has constituted an Expert Committee for giving recommendations for better efficiency in the conduct of liquidation and winding up proceedings of companies including sick companies in the Company Courts. Giving this information in the Rajya Sabha today in a written reply Shri Salman Khurshid, Minister of Corporate Affairs, said that the Committee is mandated to suggest suitable amendments to the Companies (Court) Rules, 1959 towards reducing the timeframe for time consuming procedures for winding up matters. The Committee is likely to submit its report by February, 2010. Shri Khurshid also informed the House that Winding up a sick entity involves multiple regulations.