357Substituted vide The Insolvency and Bankruptcy Code, 2016. To view the amendment,Click Here The winding up of a company2(20) Company means a company incorporated under this Act or under any previous company law by the Tribunal2(90) Tribunal means the National Company Law Tribunal constituted under section 408 under this Act shall be deemed to commence at the time of the presentation of the petition for the winding up.
(1) Where, before the presentation of a petition for the winding up of a company by the Tribunal, 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 Tribunal, 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 Tribunal shall be deemed to commence at the time of the presentation of the petition for the winding up.