Winding Up a Private Limited Company

As per section 270 of Companies Act 2013, procedure for winding up can be initiated either voluntary or by tribunal. It is necessary to initiate winding up process otherwise it will be mandatory to comply with requirements of registrar annually such as audit compliances etc. For voluntary winding up, it is necessary to pass resolution approved by majority of directors in general meeting. Resolution will specify that company will be able to pay off its debts and liabilities within one year of resolution. Another reason for winding up is releasing the assets and investments made for business.

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What it Involves

  • Appointment of Liquidator

    A liquidator will be appointed by court who will act as an accountant for valuation of assets and liabilities of company. Liquidator will step into shoes of directors for carrying further functions and all rights and power of director will transfer to him. Surplus if any, after paying off liabilities will be distributed among the members.

  • Necessary documents required

    There are many documents are required to submit to registrar such as statement of account which will specify that there are no assets and liabilities  exists except share capital and profit and loss debit balance of the company and a waiver letter in case of unsecured loan and an affidavit and indemnity  bond in notarized form  executed by all directors.

Procedure for Winding Up

  • 30 working days for submission of Statement of Accounts

    Statement of Accounts must be submitted to the registrar within a month. This specifies the list of remaining assets and liabilities of company.

  • 25 working days for documents submission

    We will assist you in winding up process of company. After submission of statement of accounts, the application of winding up must be submitted to Registrar within a month along with the documents mentioned above.

  • 3 Months for final completion

    If the tribunal is in opinion that accounts are in order and all necessary documents have been fulfilled, the court shall pass the order of winding up. This process may take 2-3 months depending upon the complexities of company’s affairs.

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