RULES

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Chapter XX: The Companies (Winding Up) Rules, 2020

  1. Short title, commencement and application
  2. Definitions
  3. Petition for winding up
  4. Statement of affairs
  5. Admission of petition and directions as to advertisement
  6. Copy of petition to be furnished
  7. Advertisement of petition
  8. Application for leave to withdraw petition
  9. Substitution for original petitioner
  10. Procedure on substitution
  11. Affidavit-in-objection
  12. Affidavit in reply
  13. Applicability
  14. Appointment of provisional liquidator or Company Liquidator
  15. Rules applicable to provisional liquidator
  16. Costs, etc., of provisional liquidator
  17. Order to be sent to liquidator and form of order
  18. Contents of winding up order
  19. Directions on making winding up order
  20. Advertisement of order
  21. Declaration by Company Liquidator
  22. Company Liquidator to take charge of assets and books and papers of company
  23. Form of proceedings after winding up order is made
  24. Application for leave to commence or continue suit or proceeding
  25. Report by Company Liquidator
  26. Inspection of statement of affairs and report
  27. Consideration of report by Tribunal
  28. Provisional list of contributories
  29. Notice to be given of date of settlement
  30. Settlement of list
  31. Notice of settlement to contributories
  32. Supplemental list of contributories
  33. Variation of list
  34. Application for rectification of list
  35. List of contributories consisting of past members
  36. Meeting of creditors and contributories
  37. Company Liquidator to report result of meeting
  38. Filling -up of vacancy in advisory committee
  39. Company Liquidator and members of advisory committee dealing with company’s assets
  40. Advisory committee not to make profit
  41. Cost of obtaining order of Tribunal
  42. Order sanctioning payment to advisory committee
  43. Meetings of advisory committee
  44. Application of rules to meetings
  45. Notice of meeting
  46. Place and time of meeting
  47. Notice of first or other meeting to officers of company
  48. Proof of notice
  49. Costs of meeting
  50. Chairman of meeting
  51. Resolution at creditors’ meeting
  52. Resolution of contributories’ meeting
  53. Copies of resolution to be filed
  54. Non-receipt of notice by creditor or contributory
  55. Adjournments
  56. Quorum
  57. Procedure in absence of quorum
  58. When creditor can vote
  59. Case in which creditors may not vote
  60. When secured creditor can vote
  61. Effect of voting by a secured creditor
  62. Procedure when secured creditor votes without surrendering security
  63. Admission or rejection of proof for purposes of voting
  64. Minutes of proceedings
  65. Report to Tribunal
  66. Voting by proxies
  67. Form of proxies
  68. Proxies to Company Liquidator or chairman of meeting
  69. Use of proxies by deputy
  70. Forms to be sent with notice
  71. Proxies to be lodged
  72. Holder of proxy not to vote on matter in which he is financially interested
  73. Minor not to be appointed proxy
  74. Filling in proxy where creditor or contributory is blind or incapable
  75. Proxy of person not acquainted with English
  76. Submission of periodical reports to the tribunal
  77. Employment of additional or special staff by Official Liquidator
  78. Declaration by professional
  79. Record book to be maintained by Company Liquidator
  80. Registers and books to be maintained by Company Liquidator
  81. All money to be paid into special bank account in a scheduled bank
  82. Bills, cheques, etc. to be deposited with bank
  83. Payments into Bank
  84. Company Liquidator’s Dividend Account
  85. Where the company has no available assets
  86. Investment of surplus funds
  87. Company Liquidator to examine accounts for purposes of investment
  88. Investments to be made by Bank
  89. Dividend and interest to be credited
  90. Refunds of taxes
  91. Half-yearly accounts to be filed
  92. Form of account
  93. Nil account
  94. Registry to send copy of account to auditor
  95. Audit of Company Liquidator’s accounts
  96. Audit certificate to be filed
  97. Audit fees
  98. Inspection of account and certificate of audit
  99. Account and auditor’s report to be placed before Tribunal
  100. Notice for proving debts
  101. Proof of debt
  102. Mode of proof and verification thereof
  103. Contents of proof
  104. Workmen’s dues
  105. Production of bills of exchange and promissory notes
  106. Value of debts
  107. Discount
  108. Interest
  109. Periodical payments
  110. Proof of debt payable at future time
  111. Examination of proof
  112. Company Liquidator’s right to call any person in connection with investigation
  113. Affidavit
  114. Costs of proof
  115. Acceptance or rejection of proof to be communicated
  116. Appeal by creditor
  117. Procedure where creditor appeals
  118. Company Liquidator not to be personally liable for costs
  119. Proofs and list of creditors to be filed in Tribunal
  120. List of creditors not to be varied
  121. Notice of filing list and inspection of same
  122. Expunging of proof
  123. Procedure on failure to prove debt within time fixed
  124. Right of creditor who has not proved debt before declaration of dividend
  125. Payment of subsequent interest
  126. Attendance at proceedings
  127. Representation of creditors and contributories before Tribunal
  128. Powers of Company Liquidator
  129. Company Liquidator to be in position of receiver
  130. Company’s property to be surrendered to Company Liquidator on requisition
  131. Calls by Company Liquidator
  132. Company Liquidator to realise uncalled capital
  133. Application for leave to make call
  134. Notice of application
  135. Order granting leave to make call and document making call
  136. Service of notice of call
  137. Order for payment of call
  138. Other moneys due by contributories
  139. Application for examination under section 299
  140. Directions at hearing of application
  141. Service of summons
  142. Conduct of examination
  143. Notes of deposition
  144. Order for examination under section 300
  145. Notice of examination
  146. Adjournment of examination for orders of Tribunal
  147. Procedure for contumacy
  148. Notes of examination
  149. Application under sub-section (5) of section 300
  150. Warrant of arrest of contributory
  151. Prison to which contributory arrested on warrant is to be taken
  152. Execution of warrant of arrest outside jurisdiction of Tribunal
  153. Application under section 339 or section 340
  154. Directions at preliminary hearing of summons
  155. Liberty to apply for further directions
  156. Application for disclaimer
  157. Preliminary hearing of application
  158. Claimant to furnish statement of his interest
  159. Service of notice
  160. Order granting leave to disclaim
  161. Disclaimer to be filed in Tribunal
  162. Vesting of disclaimed property
  163. No claim to be compromised or abandoned without sanction of Tribunal
  164. Application for sanction of compromise
  165. Sale to be subject to sanction and to confirmation by Tribunal
  166. Procedure at sale
  167. Expenses of sale
  168. Declaration of dividend or return of capital
  169. Notice of declaration
  170. Form of authority to pay dividend
  171. Transmission of dividends, etc. by post
  172. Form of order directing return of capital
  173. Payment of dividend or return of capital due to deceased creditor or contributory
  174. Company Liquidator to apply for dissolution
  175. Dissolution of company
  176. Liquidator to pay the balance into Company Liquidation Dividend and Undistributed Assets Account
  177. Conclusion of winding up
  178. Application to declare dissolution void
  179. Statement to accompany payment
  180. Unclaimed dividends or undistributed assets under investment
  181. Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account
  182. Cost and expenses payable out of the assets in a winding up by Tribunal
  183. Costs in the discretion of Tribunal
  184. Bill of costs by authorised representative, etc. employed by Company Liquidator
  185. Fees in misfeasance proceeding
  186. Fees when proceeding is compromised
  187. Costs of parties having common interest
  188. Tribunal’s power to fix a fee
  189. Allowance to witnesses
  190. Powers and functions of Official Liquidator
  191. Inspection of file
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Chapter XX: The Companies (Winding Up) Rules, 2020