Winding up of unregistered companies

Winding up of unregistered companies
(Sections 375-378)
Sec 375. Winding up of unregistered companies.— (1) any unregistered company may be wound up under this Act, i manner as may be prescribed, and all the provisions of this Act, with respect to winding up shall apply to an unregistered company, with the exceptions and additions mentioned in sub-sec (2) to (4).
(2) No unregistered company shall be wound up under this Act voluntarily.
(3) An unregistered comp may be wound up u/the following circumstances, namely:—
(a) if the comp is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs;
(b) If the company is unable to pay its debts;
(c) If the Tribunal is of opinion that it is just and equitable to be wound up.
Sec. 376. Power to wind up foreign companies, although dissolved. — Where a body corporate incorporated outside India which has been carrying on business in India, ceases to carry on business in India, it may be wound up as an unregistered company under this Part, notwithstanding that the body corporate has been dissolved or otherwise ceased to exist as such under or by virtue of the laws of the country under which it was incorporated.
Section 376 of the Companies Act, 2013 provides further that when a foreign company, which has been carrying on business in India, ceases to carry on such business in India, it may be wound up as an unregistered company under Sections 375 to 378 of the Act, even though the company has been dissolved or ceased to exist under the laws of the country in which it was incorporated.
Sec 377. Provisions of Chapter cumulative. — (1) The provisions of this Part, with respect to unregistered companies shall be in addition to and not in derogation of, any provisions hereinbefore in this Act contained with respect to the winding up of companies by the Tribunal.
(2) The Tribunal or Official Liquidator may exercise any powers or do any act in the case of unregistered companies which might be exercised or done by the Tribunal or Official Liquidator in winding up of companies formed and registered under this Act:
Provided that an unregistered company shall not, except in the event of its being wound up, be deemed to be a company under this Act, and then only to the extent provided by this Part.
Sec 378- power to wind up partnership firm, association or company, etc., in certain cases.
This Part, shall affect the operation of any enactment which provides for any partnership firm, limited liability partnership or society or co-operative society, association or company being wound up, or being wound up as a company or as an unregistered company, under the Companies Act, 1956 (1 of 1956), or any Act repealed by that Act: 2013
Provided that references in any such enactment to any provision contained in the Companies Act, 1956 (1 of 1956) or in any Act repealed by that Act shall be read as references to the corresponding provision, if any, contained in this Act.
Written by
Raghav jagga

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