Section 440 - Right to present winding up petition where company is being wound up voluntarily. - Companies Act, 1956

Right to present winding up petition where company is being wound up voluntarily. [1] [440. (1) Where a company is being wound up voluntarily, a petition for its winding up by the Tribunal may be presented by (a) any person authorised to do so under section 439; or (b) the Official Liquidator. (2) The Tribunal shall not make a winding up order on a petition presented to it under sub-section (1), unless it is satisfied that the voluntary winding up cannot be continued with due regard to the interests of the creditors or contributories or both. --------------------------------------------- Notes:- [1] Sections 440 and 441 substituted by the Companies (Second Amendment) Act, 2002. Prior to substitution they read as under: "440. Right to present winding up petition where company is being wound-up voluntarily or subject to Courts supervision. (1) Where a company is being wound-up voluntarily or subject to the supervision of the Court, a petition for its winding up by the Court may be presented by ___ (a) any person authorised to do so under section 439, and subject to the provisions of that section; or (b) the Official Liquidator. (2) The court shall not make a winding up order on a petition presented to it under sub-section (1), unless it is satisfied that the voluntary winding up or winding up subject to the supervision of the Court cannot be continued with due regard to the interests of the creditors or contributories or both. Commencement of winding up 441. Commencement of winding up by Court. (1) Where, before the presentation of a petition for the winding up of a company by the Court, a resolution has been passed by the company for voluntary winding up, the winding up of the company shall be deemed to have commenced at the time of the passing of the resolution, and unless the Court, on proof of fraud or mistake, thinks fit to direct otherwise, all proceedings taken in the voluntary winding up shall be deemed to have been validly taken. (2) In any other case, the winding up of a company by the Court shall be deemed to commence at the time of the presentation of the petition for the winding up."