Winding Up of Companies (Law, Accounting & Taxation)
- Year of Publication: 2020
- Edition: 1st
- ISBN: 978-93-86920-84-3
- No.of Pages: 569
Winding up is a means by which the dissolution of a company is brought about. The main purpose of winding up of a company is to realize the assets and pay the company’s debts expeditiously and fairly in accordance with the law. If any surplus is left, it is distributed among the members in accordance with their rights.
The procedures for Winding up of companies are provided under Chapter XX of the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016. Section 270 of the Companies Act, 2013 provides that the provisions of Part I of Chapter XX of the Companies Act, 2013 shall apply to the winding up of a company by the Tribunal under this Act. Section 59 of Chapter V of the Insolvency and Bankruptcy Code, 2016 deals with the Voluntary Liquidation of Corporate Persons. Part III of Chapter XX of the Companies Act, 2013 makes provisions which are applicable to every mode of winding up.
The Ministry of Corporate Affairs has notified Companies (Winding Up) Rules, 2020 on 24-1-2020 to be made effective from 1st day of April, 2020. Prior to that, on 15-1-2020, the Insolvency and Bankruptcy Board of India also notified Voluntary Liquidation Process (Amendment) Regulations, 2020 requiring operation and maintenance of Corporate Voluntary Liquidation Account. Accordingly, a need is felt for professionals at large to have a written compendium on the subject . This book is given as a humble attempt by the author to explain the law, accounting and taxation of winding up.
The present book discusses entire gamut of winding up in the following four divisions:
- Division I — Winding up under the Companies Act, 2013 with various Forms notified under Companies (Winding Up) Rules, 2020;
- Division II — Voluntary liquidation under the Insolvency and Bankruptcy Code, 2016 including regulations for Corporate Voluntary Liquidation Account;
- Division III — Accounting and Auditing aspects;
- Division IV — Taxation aspects.
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
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- Year of Publication: 2020
- Edition: 1st
- ISBN: 978-93-86920-84-3
- No.of Pages: 569
Winding up is a means by which the dissolution of a company is brought about. The main purpose of winding up of a company is to realize the assets and pay the company’s debts expeditiously and fairly in accordance with the law. If any surplus is left, it is distributed among the members in accordance with their rights.
The procedures for Winding up of companies are provided under Chapter XX of the Companies Act, 2013 and Insolvency and Bankruptcy Code, 2016. Section 270 of the Companies Act, 2013 provides that the provisions of Part I of Chapter XX of the Companies Act, 2013 shall apply to the winding up of a company by the Tribunal under this Act. Section 59 of Chapter V of the Insolvency and Bankruptcy Code, 2016 deals with the Voluntary Liquidation of Corporate Persons. Part III of Chapter XX of the Companies Act, 2013 makes provisions which are applicable to every mode of winding up.
The Ministry of Corporate Affairs has notified Companies (Winding Up) Rules, 2020 on 24-1-2020 to be made effective from 1st day of April, 2020. Prior to that, on 15-1-2020, the Insolvency and Bankruptcy Board of India also notified Voluntary Liquidation Process (Amendment) Regulations, 2020 requiring operation and maintenance of Corporate Voluntary Liquidation Account. Accordingly, a need is felt for professionals at large to have a written compendium on the subject . This book is given as a humble attempt by the author to explain the law, accounting and taxation of winding up.
The present book discusses entire gamut of winding up in the following four divisions:
- Division I — Winding up under the Companies Act, 2013 with various Forms notified under Companies (Winding Up) Rules, 2020;
- Division II — Voluntary liquidation under the Insolvency and Bankruptcy Code, 2016 including regulations for Corporate Voluntary Liquidation Account;
- Division III — Accounting and Auditing aspects;
- Division IV — Taxation aspects.
CA. Kamal Garg is a Fellow Member of The Institute of Chartered Accountants of India (ICAI) and a First Class Commerce Baccalaureate from Deen Dayal Upadhyaya College, University of Delhi and an academic resource partner in KGMA, Delhi. He has also qualified post qualification course on Diploma in Information System Audit (DISA) conducted by ICAI. Besides this he is also an Insolvency Professional registered with Insolvency and Bankruptcy Board of India (IBBI). He was also the member of Board of Studies (BOS) Study Material Research Group (2009-2010) of NIRC of ICAI and a special invitee member of Accounting Standards Board (ASB) [2012-2013 and 2020-2021] and Ind- AS (IFRS) Implementation Committee [2014-2015] of ICAI. He was also nominated as a special invitee member to the Committee on Banking, Insurance and Pension (2014-2015) of NIRC of ICAI. He is also the faculty resource of Ethical Standards Board (ESB) and Peer Review Board (PRB) of ICAI. He is also a key resource person for development and review of various study contents and webcasts for BOS of ICAI, such as study material and practice manual on Advanced Auditing for CA Final, eLectures for CA IPCC and CA Final studies, etc.
Besides being a regular guest speaker for IFRS and Management Development Programmes at various forums including ICAI and ICSI, he is also an author of over dozens of book(s) and commentaries on company and commercial laws including Ind AS. He possesses a rich industry experience in the areas of Corporate Laws (like Companies Act, FEMA, Taxation, Foreign Collaborations, Joint Ventures, etc.), Audits and Management Consultancy.
Bharat is a 'trade-name' for a group of concerns, popularly known as Bharat Law House and Bharat Law House Pvt. Ltd. Bharat is one of the most reputed publishers of law books with an experience of over six decades. It possess a very diverse range of publications covering not only the area of taxation - direct and indirect - but also company law, insolvency capital market, finance, industrial law, foreign exchange, commercial, civil and criminal laws. The students publications for CA, CS, CMA, CFA, MBA, graduate and post-graduate studies have carved out a niche for themselves. The Publication House has a professionally qualified team with strong in-house capabilities. Their strength lies in the patronage of legal luminaries in every field. They strive for accuracy, authenticity and sincerity.
