Section-302: Dissolution of Company by Tribunal.

Notified Date of Section: 7/12/2016

 Effective Date: 15/12/2016

Dissolution of Company by Tribunal.

302. (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 from 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.]

(4) ²[Omitted]

Amendment:-

1. Substituted by the Companies (Amendment) Act, 2020. Notification dated 28th September, 2020.   Amendment Effective from 21st December 2020

For sub-section (3):-

“(3) A copy of the order shall, within thirty days from the date thereof, be forwarded by the Company Liquidator to the Registrar who shall record in the register relating to the company a minute of the dissolution of the company.”

The following sub-section shall be substituted, namely:—

“(3) The Tribunal shall, within a period of thirty days from 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.”;

2.  Omitted by the Companies (Amendment) Act, 2020. Notification dated 28th September, 2020    Amendment Effective from 21st December 2020

Original Omitted content:-

(4) If the Company Liquidator makes a default in forwarding a copy of the order within the period specified in sub-section (3), the Company Liquidator shall be punishable with fine which may extend to five thousand rupees for every day during which the default continues.