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The Companies Act, 1956

Winding Up (Section 425 to 560)

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

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

Substituted

(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.

Original

(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 authorised 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.