WINDING UP - Companies Act, 1956

Chapter: VII
WINDING UP
Section 425	:	Modes of winding up.
Section 426	:	Liability as contributories of present and past members.
Section 427	:	Obligations of directors and managers whose liability is unlimited.
Section 428	:	Definition of "contributory".
Section 429	:	Nature of liability of contributory.
Section 430	:	Contributories in case of death of member.
Section 431	:	Contributories in case of insolvency of member.
Section 432	:	Contributories in case of winding up of a body corporate which is a member.
Section 433	:	Circumstances in which company may be wound up by Tribunal.
Section 434	:	Company when deemed unable to pay its debts.
Section 435	:	Transfer of winding up proceedings to District Court.
Section 436	:	Withdrawal and transfer of winding up from one District Court to another.
Section 437	:	Power of High Court to retain winding up proceedings in District Court.
Section 438	:	Jurisdiction of High Court under sections 435, 436 and 437 to be exercised at any time and at any stage.
Section 439	:	Provisions as to applications for winding up.
Section 439A	:	Statement of affairs to be filed on winding up of a company.
Section 440	:	Right to present winding up petition where company is being wound up voluntarily.
Section 441	:	Commencement of winding up by Tribunal.
Section 441A	:	Levy and collection of cess on turnover or gross receipts of companies.
Section 441B	:	Crediting proceeds of cess to Consolidated Fund of India.
Section 441C	:	Rehabilitation Fund.
Section 441D	:	Application of Fund.
Section 441E	:	Power to call for information.
Section 441F	:	Penalty for non-payment of cess.
Section 441G	:	Refund of fund in certain cases.
Section 442	:	Power of Court to stay or restrain proceedings against company.
Section 443	:	Power of Tribunal on hearing petition.
Section 444	:	Order for winding up to be communicated to Official Liquidator and Registrar.
Section 445	:	Copy of winding up order to be filed with Registrar.
Section 446	:	Suits stayed on winding up order.
Section 446A	:	Responsibility of directors and officers to submit to Tribunal audited books of account.
Section 447	:	Effect of winding up order.
Section 448	:	Appointment of Official Liquidator.
Section 449	:	Official Liquidator to be liquidator.
Section 450	:	Appointment and powers of provisional liquidator.
Section 451	:	General provisions as to liquidators.
Section 452	:	Style, etc., of liquidator.
Section 453	:	Receiver not to be appointed of assets with liquidator.
Section 454	:	Statement of affairs to be made to Official Liquidator.
Section 455	:	Report by Official Liquidator.
Section 456	:	Custody of company's property.
Section 457	:	Powers of liquidator.
Section 458	:	Discretion of liquidator.
Section 458A	:	Exclusion of certain time in computing periods of limitation.
Section 459	:	Provision for legal assistance to liquidator.
Section 460	:	Exercise and control of liquidator's powers.
Section 461	:	Books to be kept by liquidator.
Section 462	:	Audit of liquidator's accounts.
Section 463	:	Control of Central Government over liquidators.
Section 464	:	Appointment and composition of committee of inspection.
Section 465	:	Constitution and proceedings of committee of inspection.
Section 466	:	Power of Tribunal to stay winding up.
Section 467	:	Settlement of list of contributories and application of assets.
Section 468	:	Delivery of property to liquidator.
Section 469	:	Payment of debts due by contributory and extent of set-off.
Section 470	:	Power of Tribunal to make calls.
Section 471	:	Payment into bank of moneys due to company.
Section 472	:	Moneys and securities paid into bank to be subject to order of Tribunal.
Section 473	:	Order on contributory to be conclusive evidence.
Section 474	:	Power to exclude creditors not proving in time.
Section 475	:	Adjustment of rights of contributories.
Section 476	:	Power to order costs.
Section 477	:	Power to summon persons suspected of having property of company, etc.
Section 478	:	Power to order public examination of promoters, directors, etc.
Section 479	:	Power to arrest absconding contributory.
Section 480	:	Saving of existing powers of Tribunal.
Section 481	:	Dissolution of company.
Section 482	:	Order made in any Court to be enforced by other Courts.
Section 483	:	Appeals from orders.
Section 484	:	Circumstances in which company may be wound-up voluntarily.
Section 485	:	Publication of resolution to wind-up voluntarily.
Section 486	:	Commencement of voluntary winding up.
Section 487	:	Effect of voluntary winding up on status of company.
Section 488	:	Declaration of solvency in case of proposal to wind-up voluntarily.
Section 489	:	Provisions applicable to a members' voluntary winding up.
Section 490	:	Power of company to appoint and fix remuneration of liquidators.
Section 491	:	Board's powers to cease on appointment of a liquidator.
Section 492	:	Power to fill vacancy in office of liquidator.
Section 493	:	Notice of appointment of liquidator to be given to Registrar.
Section 494	:	Power of liquidator to accept shares, etc., as consideration for sale of property of company.
Section 495	:	Duty of liquidator to call creditors' meeting in case of insolvency.
Section 496	:	Duty of liquidator to call general meeting at the end of each year.
Section 497	:	Final meeting and dissolution.
Section 498	:	Alternative provisions as to annual and final meetings in case of insolvency.
Section 499	:	Provisions applicable to a creditor's voluntary winding up.
Section 500	:	Meeting of creditors.
Section 501	:	Notice of resolutions passed by creditors' meeting to be given to Registrar.
Section 502	:	Appointment of liquidator.
Section 503	:	Appointment of committee of inspection.
Section 504	:	Fixing of liquidators' remuneration.
Section 505	:	Board's powers to cease on appointment of liquidator.
Section 506	:	Power to fill vacancy in office of liquidator.
Section 507	:	Application of section 494 to a creditors voluntary winding up.
Section 508	:	Duty of liquidator to call meetings of company and of creditors at end of each year.
Section 509	:	Final meeting and dissolution.
Section 510	:	Provisions applicable to every voluntary winding up.
Section 511	:	Distribution of property of company.
Section 511A	:	Application of section 454 to voluntary winding up.
Section 512	:	Powers and duties of liquidator in voluntary winding up.
Section 513	:	Body corporate not to be appointed as liquidator.
Section 514	:	Corrupt inducement affecting appointment as liquidator.
Section 515	:	Power of Tribunal to appoint and remove liquidator in voluntary winding up.
Section 516	:	Notice by liquidator of his appointment.
Section 517	:	Arrangement when binding on company and creditors.
Section 518	:	Power to apply to Tribunal to have questions determined or powers exercised.
Section 519	:	Application of liquidator to Tribunal for public examination of promoters, directors, etc.
Section 520	:	Costs of voluntary winding up.
Section 521	:	Saving of right of creditors and contributories to apply for winding up.
Section 522	:	Power to order winding up subject to supervision.
Section 523	:	Effect of petition for winding up subject to supervision.
Section 524	:	Power of Court to appoint or remove liquidators.
Section 525	:	Powers and obligations of liquidator appointed by court.
Section 526	:	Effect of supervision order.
Section 527	:	Appointment in certain cases of voluntary liquidators to office of liquidators.
Section 528	:	Debts of all descriptions to be admitted to proof.
Section 529	:	Application of insolvency rules in winding up of insolvent companies.
Section 529A	:	Overriding preferential payments.
Section 530	:	Preferential payments.
Section 531	:	Fraudulent preference.
Section 531A	:	Avoidance of voluntary transfer.
Section 532	:	Transfers for benefit of all creditors to be void.
Section 533	:	Liabilities and rights of certain fraudulently preferred persons.
Section 534	:	Effect of floating charge.
Section 535	:	Disclaimer of onerous property in case of a company which is being wound-up.
Section 536	:	Avoidance of transfers, etc., after commencement of winding up.
Section 537	:	Avoidance of certain attachments, executions, etc., in winding up by Tribunal.
Section 538	:	Offences by officers of companies in liquidation.
Section 539	:	Penalty for falsification of books.
Section 540	:	Penalty for frauds by officers.
Section 541	:	Liability where proper accounts not kept.
Section 542	:	Liability for fraudulent conduct of business.
Section 543	:	Power of Tribunal to assess damages against delinquent directors, etc.
Section 544	:	Liability under sections 542 and 543 to extend to partners or directors in firm or company.
Section 545	:	Prosecution of delinquent officers and members of the company.
Section 546	:	Liquidator to exercise certain powers subject to sanction.
Section 547	:	Notification that a company is in liquidation.
Section 548	:	Books and papers of company to be evidence.
Section 549	:	Inspection of books and papers by creditors and contributories.
Section 550	:	Disposal of books and papers of company.
Section 551	:	Information as to pending liquidations.
Section 552	:	Official Liquidator to make payments into the public account of India.
Section 553	:	Voluntary liquidator to make payments into Scheduled Bank.
Section 553	:	Voluntary liquidator to make payments into Scheduled Bank.
Section 554	:	Liquidator not to pay moneys into private banking account.
Section 555	:	Unpaid dividends and undistributed assets to be paid into the Companies Liquidation Account.
Section 556	:	Enforcement of duty of liquidator to make returns, etc.
Section 557	:	Meetings to ascertain wishes of creditors or contributories.
Section 558	:	Tribunal or person before whom affidavit may be sworn.
Section 559	:	Power of Tribunal to declare dissolution of company void.
Section 560	:	Power of Registrar to strike defunct company off register.