Companies (Winding Up) Rules, 2020

Part: I
GENERAL
Rule 1	:	Short title, commencement and application
Rule 2	:	Definitions
Part: II
WINDING UP BY TRIBUNAL
Rule 3	:	Petition for winding up
Rule 4	:	Statement of affairs
Rule 5	:	Admission of petition and directions as to advertisement
Rule 6	:	Copy of petition to be furnished
Rule 7	:	Advertisement of petition
Rule 8	:	Application for leave to withdraw petition
Rule 9	:	Substitution for original petitioner
Rule 10	:	Procedure on substitution
Rule 11	:	Affidavit-in-objection
Rule 12	:	Affidavit in reply
LIQUIDATOR
Rule 13	:	Applicability
Rule 14	:	Appointment of provisional liquidator or Company Liquidator
Rule 15	:	Rules applicable to provisional liquidator
Rule 16	:	Costs, etc., of provisional liquidator
WINDING UP ORDER
Rule 17	:	Order to be sent to liquidator and form of order
Rule 18	:	Contents of winding up order
Rule 19	:	Directions on making winding up order
Rule 20	:	Advertisement of order
Rule 21	:	Declaration by Company Liquidator
Rule 22	:	Company Liquidator to take charge of assets and books and papers of company
Rule 23	:	Form of proceedings after winding up order is made
APPLICATION FOR STAY OF SUITS ETC. ON WINDING UP ORDER
Rule 24	:	Application for leave to commence or continue suit or proceeding
REPORTS BY COMPANY LIQUIDATOR UNDER SECTION 281
Rule 25	:	Report by Company Liquidator
Rule 26	:	Inspection of statement of affairs and report
Rule 27	:	Consideration of report by Tribunal
SETTLEMENT OF LIST OF CONTRIBUTORIES
Rule 28	:	Provisional list of contributories
Rule 29	:	Notice to be given of date of settlement
Rule 30	:	Settlement of list
Rule 31	:	Notice of settlement to contributories
Rule 32	:	Supplemental list of contributories
Rule 33	:	Variation of list
Rule 34	:	Application for rectification of list
Rule 35	:	List of contributories consisting of past members
ADVISORY COMMITTEE
Rule 36	:	Meeting of creditors and contributories
Rule 37	:	Company Liquidator to report result of meeting
Rule 38	:	Filling –up of vacancy in advisory committee
Rule 39	:	Company Liquidator and members of advisory committee dealing with company's assets
Rule 40	:	Advisory committee not to make profit
Rule 41	:	Cost of obtaining order of Tribunal
Rule 42	:	Order sanctioning payment to advisory committee
Rule 43	:	Meetings of advisory committee
MEETINGS OF CREDITORS AND CONTRIBUTORIES
Rule 44	:	Application of rules to meetings
Rule 45	:	Notice of meeting
Rule 46	:	Place and time of meeting
Rule 47	:	Notice of first or other meeting to officers of company
Rule 48	:	Proof of notice
Rule 49	:	Costs of meeting
Rule 50	:	Chairman of meeting
Rule 51	:	Resolution at creditors' meeting
Rule 52	:	Resolution of contributories' meeting
Rule 53	:	Copies of resolution to be filed
Rule 54	:	Non-receipt of notice by creditor or contributory
Rule 55	:	Adjournments
Rule 56	:	Quorum
Rule 57	:	Procedure in absence of quorum
Rule 58	:	When creditor can vote
Rule 59	:	Case in which creditors may not vote
Rule 60	:	When secured creditor can vote
Rule 61	:	Effect of voting by a secured creditor
Rule 62	:	Procedure when secured creditor votes without surrendering security
Rule 63	:	Admission or rejection of proof for purposes of voting
Rule 64	:	Minutes of proceedings
Rule 65	:	Report to Tribunal
PROXIES IN RELATION TO MEETINGS OF CREDITORS AND CONTRIBUTORIES
Rule 66	:	Voting by proxies
Rule 67	:	Form of proxies
Rule 68	:	Proxies to Company Liquidator or chairman of meeting
Rule 69	:	Use of proxies by deputy
Rule 70	:	Forms to be sent with notice
Rule 71	:	Proxies to be lodged
Rule 72	:	Holder of proxy not to vote on matter in which he is financially interested
Rule 73	:	Minor not to be appointed proxy
Rule 74	:	Filling in proxy where creditor or contributory is blind or incapable
Rule 75	:	Proxy of person not acquainted with English
Rule 76	:	Submission of periodical reports to the tribunal
Rule 77	:	Employment of additional or special staff by Official Liquidator
Rule 78	:	Declaration by professional
REGISTERS AND BOOKS OF ACCOUNT TO BE MAINTAINED BY COMPANY LIQUIDATOR
Rule 79	:	Record book to be maintained by Company Liquidator
Rule 80	:	Registers and books to be maintained by Company Liquidator
BANKING ACCOUNT OF COMPANY LIQUIDATOR
Rule 81	:	All money to be paid into special bank account in a scheduled bank
Rule 82	:	Bills, cheques, etc. to be deposited with bank
Rule 83	:	Payments into Bank
Rule 84	:	Company Liquidator's Dividend Account
Rule 85	:	Where the company has no available assets
INVESTMENT OF SURPLUS FUNDS
Rule 86	:	Investment of surplus funds
Rule 87	:	Company Liquidator to examine accounts for purposes of investment
Rule 88	:	Investments to be made by Bank
Rule 89	:	Dividend and interest to be credited
Rule 90	:	Refunds of taxes
FILING AND AUDIT OF COMPANY LIQUIDATOR'S ACCOUNT
Rule 91	:	Half-yearly accounts to be filed
Rule 92	:	Form of account
Rule 93	:	Nil account
Rule 94	:	Registry to send copy of account to auditor
Rule 95	:	Audit of Company Liquidator's accounts
Rule 96	:	Audit certificate to be filed
Rule 97	:	Audit fees
Rule 98	:	Inspection of account and certificate of audit
Rule 99	:	Account and auditor's report to be placed before Tribunal
Part: III
WINDING UP BY TRIBUNAL (OTHER THAN SUMMARY WINDING UP)
DEBTS AND CLAIMS AGAINST COMPANY
Rule 100	:	Notice for proving debts
Rule 101	:	Proof of debt
Rule 102	:	Mode of proof and verification thereof
Rule 103	:	Contents of proof
Rule 104	:	Workmen's dues
Rule 105	:	Production of bills of exchange and promissory notes
Rule 106	:	Value of debts
Rule 107	:	Discount
Rule 108	:	Interest
Rule 109	:	Periodical payments
Rule 110	:	Proof of debt payable at future time
Rule 111	:	Examination of proof
Rule 112	:	Company Liquidator's right to call any person in connection with investigation
Rule 113	:	Affidavit
Rule 114	:	Costs of proof
Rule 115	:	Acceptance or rejection of proof to be communicated
Rule 116	:	Appeal by creditor
Rule 117	:	Procedure where creditor appeals
Rule 118	:	Company Liquidator not to be personally liable for costs
Rule 119	:	Proofs and list of creditors to be filed in Tribunal
Rule 120	:	List of creditors not to be varied
Rule 121	:	Notice of filing list and inspection of same
Rule 122	:	Expunging of proof
Rule 123	:	Procedure on failure to prove debt within time fixed
Rule 124	:	Right of creditor who has not proved debt before declaration of dividend
Rule 125	:	Payment of subsequent interest
ATTENDANCE AND APPEARANCE OF CREDITORS AND CONTRIBUTORIES
Rule 126	:	Attendance at proceedings
Rule 127	:	Representation of creditors and contributories before Tribunal
COLLECTION AND DISTRIBUTION OF ASSETS IN WINDING UP BY TRIBUNAL
Rule 128	:	Powers of Company Liquidator
Rule 129	:	Company Liquidator to be in position of receiver
Rule 130	:	Company’s property to be surrendered to Company Liquidator on requisition
CALLS IN WINDING UP BY TRIBUNAL
Rule 131	:	Calls by Company Liquidator
Rule 132	:	Company Liquidator to realise uncalled capital
Rule 133	:	Application for leave to make call
Rule 134	:	Notice of application
Rule 135	:	Order granting leave to make call and document making call
Rule 136	:	Service of notice of call
Rule 137	:	Order for payment of call
Rule 138	:	Other moneys due by contributories
EXAMINATION UNDER SECTIONS 299 AND 300
Rule 139	:	Application for examination under section 299
Rule 140	:	Directions at hearing of application
Rule 141	:	Service of summons
Rule 142	:	Conduct of examination
Rule 143	:	Notes of deposition
Rule 144	:	Order for examination under section 300
Rule 145	:	Notice of examination
Rule 146	:	Adjournment of examination for orders of Tribunal
Rule 147	:	Procedure for contumacy
Rule 148	:	Notes of examination
Rule 149	:	Application under sub-section (5) of section 300
Rule 150	:	Warrant of arrest of contributory
Rule 151	:	Prison to which contributory arrested on warrant is to be taken
Rule 152	:	Execution of warrant of arrest outside jurisdiction of Tribunal
APPLICATION AGAINST DELINQUENT DIRECTORS, PROMOTERS AND OFFICERS OF THE COMPANY
Rule 153	:	Application under section 339 or section 340
Rule 154	:	Directions at preliminary hearing of summons
Rule 155	:	Liberty to apply for further directions
DISCLAIMER
Rule 156	:	Application for disclaimer
Rule 157	:	Preliminary hearing of application
Rule 158	:	Claimant to furnish statement of his interest
Rule 159	:	Service of notice
Rule 160	:	Order granting leave to disclaim
Rule 161	:	Disclaimer to be filed in Tribunal
Rule 162	:	Vesting of disclaimed property
COMPROMISE OR ABANDONMENT OF CLAIMS
Rule 163	:	No claim to be compromised or abandoned without sanction of Tribunal
Rule 164	:	Application for sanction of compromise
SALE BY COMPANY LIQUIDATOR
Rule 165	:	Sale to be subject to sanction and to confirmation by Tribunal
Rule 166	:	Procedure at sale
Rule 167	:	Expenses of sale
DIVIDENDS AND RETURNS OF CAPITAL IN WINDING UP BY TRIBUNAL
Rule 168	:	Declaration of dividend or return of capital
Rule 169	:	Notice of declaration
Rule 170	:	Form of authority to pay dividend
Rule 171	:	Transmission of dividends, etc. by post
Rule 172	:	Form of order directing return of capital
Rule 173	:	Payment of dividend or return of capital due to deceased creditor or contributory
TERMINATION OF WINDING UP
Rule 174	:	Company Liquidator to apply for dissolution
Rule 175	:	Dissolution of company
Rule 176	:	Liquidator to pay the balance into Company Liquidation Dividend and Undistributed Assets Account
Rule 177	:	Conclusion of winding up
Rule 178	:	Application to declare dissolution void
PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP
Rule 179	:	Statement to accompany payment
Rule 180	:	Unclaimed dividends or undistributed assets under investment
Rule 181	:	Application by person for payment of money paid into the Company Liquidation Dividend and Undistributed Assets Account
Rule 182	:	Cost and expenses payable out of the assets in a winding up by Tribunal
Part: IV
COSTS, ETC.
Rule 183	:	Costs in the discretion of Tribunal
Rule 184	:	Bill of costs by authorised representative, etc. employed by Company Liquidator
Rule 185	:	Fees in misfeasance proceeding
Rule 186	:	Fees when proceeding is compromised
Rule 187	:	Costs of parties having common interest
Rule 188	:	Tribunal's power to fix a fee
Rule 189	:	Allowance to witnesses
Part: V
SUMMARY PROCEDURE FOR LIQUIDATION
Rule 190	:	Powers and functions of Official Liquidator
Part: VI
MISCELLANEOUS
Rule 191	:	Inspection of file