Section 270 of CA 2013 : Section 270: Modes Of Winding Up
CA 2013
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Explanation using Example
An example of the application of Section 270 of The Companies Act, 2013 could be a scenario where a company has committed fraud and its creditors have filed a petition with the National Company Law Tribunal (NCLT) for its winding up. The Tribunal, upon hearing the case and finding sufficient grounds, orders the winding up of the company in accordance with the provisions of Part I of the Companies Act. This means that the company will be dissolved, its assets liquidated, and the proceeds distributed among its creditors and shareholders in a manner prescribed by the Act.
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