What is the main purpose of liquidation or winding up of a company?

To distribute the company's assets among its shareholders.

To revive and rehabilitate a sick company.

To merge with another company for increased profitability.

To convert the company's assets into cash for operational purposes.

In which situations can a company be wound up by the Tribunal according to the Companies Act, 2013?

If the company wants to merge with another company.

If the company has failed to file financial statements for three consecutive years.

If the company is unable to pay its debts.

If the company wants to change its business structure.

Who is a "contributory" in the context of company liquidation?

A person who contributes to the company's social activities.

A person who is responsible for contributing to the company's charitable donations.

A person liable to contribute to the assets of the company in the event of winding up.

A person who contributes to the company's annual financial statements.

In the context of liquidation, who is responsible for realizing the company's assets, paying its debts, and distributing the surplus among members?

An Official Liquidator appointed by the Tribunal.

A voluntary liquidator appointed by the company's management.

Which statement is true regarding the liquidator's remuneration in the process of winding up?

The liquidator's remuneration is fixed and not subject to any calculations.

The liquidator's remuneration is solely based on the number of years they have been involved in the winding up process.

The liquidator's remuneration is calculated as a percentage of assets realized and payments made to unsecured creditors.

The liquidator is not entitled to any remuneration in a voluntary winding up scenario.

Prior to the amendment, under which Act were the provisions for winding up through any mode governed, including voluntary winding up and winding up by the Tribunal?

Insolvency and Bankruptcy Code, 2016

Which type of winding up is now dealt with by the provisions of Sections 7 to 9 of the Insolvency and Bankruptcy Code, 2016?

Winding up on inability to pay debts

Winding up on just and equitable grounds

Winding up on grounds of fraudulent conduct

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