Section 265. Winding up of company on report of company administrator
Omitted
Section 265. Winding up of company on report of company administratorOmitted vide The Insolvency and Bankruptcy Code, 2016. To view the notification,Click Here
(1) If the scheme is not approved by the creditors in the manner specified in sub-section (2) of section 262, the company administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the winding up of the sick company.
(2) On the passing of an order under sub-section (1), the Tribunal shall conduct the proceedings for winding up of the sick company in accordance with the provisions of Chapter XX.