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Companies Act, 1956

Sec 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 authorized 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.

Companies Act, 1956 Back

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