Under Section 271 of the Companies Act, 2013, the NCLT may wind up a c…

Question

Under Section 271 of the Companies Act, 2013, the NCLT may wind up a company under various circumstances. The petition for winding up may be heard, and upon receipt the NCLT may, under Section 273(1):

Accepted Answer

B. {'text': 'Dismiss the petition with or without costs; make any interim order as it thinks fit; appoint a provisional liquidator; make an order for the winding up of the company; or any other order as the NCLT thinks fit', 'label': 'B'}

1. The powers table for Section 273(1) reads: "On receipt of petition for winding up, NCLT may either **dismiss the petition with or without costs**; **make any interim order** as it thinks fit; **appoint a provisional liquidator** of the company till the making of a winding up order; **make an order for the winding up of the company** with or without costs; or any other order as the NCLT thinks fit."
2. The provision creates a buffet of remedies for the Tribunal.
3. The other options describe powers not conferred by section 273(1).
_Source: ICSI CS Executive Paper 1 — Jurisprudence, Interpretation & General Laws, Lesson 12 (Special Courts, Tribunal under Companies Act and other Legislations), pp. 273-283._

Answer

{'text': 'Direct the immediate criminal prosecution of every director of the company under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'A'}

Answer

{'text': 'Direct the immediate cancellation of all bank accounts of the company under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'C'}

Answer

{'text': 'Direct the immediate disqualification of every director of the company under any provision of any law in force in any State of India regardless of any other consideration of any kind', 'label': 'D'}