Section 281 Submission of report by Company Liquidator – Companies Act 2013

Amended and updated notes on section 281 of Companies Act 2013. Provisions and rules related to submission of report by Company Liquidator.

Amended and updated notes on section 281 of Companies Act 2013. Detail discussion on provisions and rules related to submission of report by Company Liquidator.

Chapter XX (Section 270365) of the Companies Act, 2013 (CA 2013) deals with the provisions related to winding up. Section 281 of CA 2013 provides for submission of report by Company Liquidator.

Recently, we have discussed in detail section 280 (Jurisdiction of Tribunal) of CA 2013. Today, we learn the provisions of section 281 of the Companies Act 2013.

The provisions of section 281 are effective from 15th December, 2016. You may refer Notification No. S.O. 3677(E) issued dated 7-12-2016. In this article, you will learn detail of the provisions of section 281 the Companies Act 2013.

Name of ActThe Companies Act 2013
Enacted byParliament of India
Administered byMinistry of Corporate Affairs (MCA)
Number of Chapters29
Number of Sections484 (470-43+57)
Number of Schedules7
You are reading:
Chapter No.XX
Chapter NameWinding Up
Section No.281
Section NameSubmission of report by Company Liquidator
Monthly Updated EditionCompany Law PDF

Section 281 of Companies Act 2013: Submission of report by Company Liquidator

Section 281 shall come into force on 15th December, 2016 vide Notification No. S.O. 3677(E) dated 07.12.2016.

(1) Where the Tribunal has made a winding up order or appointed a Company Liquidator, such liquidator shall, within sixty days from the order, submit to the Tribunal, a report containing the following particulars, namely: —

  • (a) the nature and details of the assets of the company including their location and value, stating separately the cash balance in hand and in the bank, if any, and the negotiable securities, if any, held by the company:
  • Provided that the valuation of the assets shall be obtained from registered valuers for this purpose;
  • (b) amount of capital issued, subscribed and paid-up;
  • (c) the existing and contingent liabilities of the company including names, addresses and occupations of its creditors, stating separately the amount of secured and unsecured debts, and in the case of secured debts, particulars of the securities given, whether by the company or an officer thereof, their value and the dates on which they were given;
  • (d) the debts due to the company and the names, addresses and occupations of the persons from whom they are due and the amount likely to be realised on account thereof;
  • (e) guarantees, if any, extended by the company;
  • (f) list of contributories and dues, if any, payable by them and details of any unpaid call;
  • (g) details of trade marks and intellectual properties, if any, owned by the company;
  • (h) details of subsisting contracts, joint ventures and collaborations, if any;
  • (i) details of holding and subsidiary companies, if any;
  • (j) details of legal cases filed by or against the company; and
  • (k) any other information which the Tribunal may direct or the Company Liquidator may consider necessary to include.

(2) The Company Liquidator shall include in his report the manner in which the company was promoted or formed and whether in his opinion any fraud has been committed by any person in its promotion or formation or by any officer of the company in relation to the company since the formation thereof and any other matters which, in his opinion, it is desirable to bring to the notice of the Tribunal.

(3) The Company Liquidator shall also make a report on the viability of the business of the company or the steps which, in his opinion, are necessary for maximising the value of the assets of the company.

(4) The Company Liquidator may also, if he thinks fit, make any further report or reports.

(5) Any person describing himself in writing to be a creditor or a contributory of the company shall be entitled by himself or by his agent at all reasonable times to inspect the report submitted in accordance with this section and take copies thereof or extracts therefrom on payment of the prescribed fees.

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