Section 440 – The Companies Act,1956

The Companies Act, 1956

[440. Right to present winding up petition where company is being wound up voluntarily.

1[440. Right to present winding up petition where company is being wound up voluntarily.(1) Where a company is being wound up voluntarily, a petition for its winding up by the Tribunal may be presented by

(a)any person authorised to do so under section 439; or

(b)the Official Liquidator.

(2) The Tribunal 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 cannot be continued with due regard to the interests of the creditors or contributories or both.]

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1. Subs. by Act 11 of 2003, sec. 56, for section 440.

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The Companies Act, 1956

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