Section 285 of CA 2013 : Section 285: Settlement Of List Of Contributories And Application Of Assets

Explanation using Example

Imagine a company, XYZ Pvt. Ltd., which has been running into financial troubles and is unable to pay its debts. The creditors of XYZ Pvt. Ltd. decide to file a petition for the company's winding up, and the Tribunal passes an order for the same. Following this order, the Tribunal starts the process of winding up the company.

One of the Tribunal's first steps is to create a list of contributories, which are individuals or entities that might be required to contribute to paying off the company's debts. In this list, the Tribunal distinguishes between those who are directly responsible and those who are respon...

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