Companies Act Section 302 — Dissolution of company by Tribunal
CHAPTER XX WINDING UP
Commercial / Corporate
Summary
Sub-section (1) states that once the affairs of a company have been completely wound up, the Company Liquidator must apply to the Tribunal to have the company dissolved.
Sub-section (2) provides that the Tribunal will make an order dissolving the company from the date of that order, either when the Company Liquidator files such an application under sub-section (1), or when the Tribunal itself believes it is just and reasonable in the circumstances to order the company's dissolution. Once the order is made, the company is dissolved from that date.
Under sub-section (3), within thirty days of making the dissolution order, the Tribunal must do two things. Under clause (a), it must forward a copy of the order to the Registrar, who will record a minute of the dissolution in the company's register. Under clause (b), it must direct the Company Liquidator to forward a copy of the order to the Registrar, who will similarly record a minute of the dissolution in the company's register.
The final part of the section states that nothing in this Chapter affects the operation or enforcement of any order made by any court in winding-up proceedings that existed immediately before the commencement of this Act, and any appeal against such an order must be filed before the authority that was competent to hear such appeals before that commencement.
Official Text
(1) When the affairs of a company have been completely wound up, the Company Liquidator shall make an application to the Tribunal for dissolution of such company.
(2) The Tribunal shall on an application filed by the Company Liquidator under sub-section (1) or when the Tribunal is of the opinion that it is just and reasonable in the circumstances of the case that an order for the dissolution of the company should be made, make an order that the company be dissolved from the date of the order, and the company shall be dissolved accordingly. 1[
(3) The Tribunal shall, within a period of thirty days form the date of the order, —
(a) forward a copy of the order to the Registrar who shall record in the register relating to the company a minute of the dissolution of the company; and
(b) direct the Company Liquidator to forward a copy of the order to the Registrar who shall record in the register relating to the company a minute of the dissolution of the company.] Nothing in this Chapter shall affect the operation or enforcement of any order made by any Court in any proceedings for the winding up of a company immediately before the commencement of this Act and an appeal against such order shall be filed before such authority competent to hear such appeals before such commencement. [Part II.—Voluntary winding up] Omitted by the Insolvency and Bankruptcy Code, 2016 (31 of 2016), s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).