Winding Up of Company/LLP
Winding Up of Company/LLP
Winding up is the legal process of closing a company or LLP by settling all liabilities, distributing remaining assets, and dissolving the entity. Voluntary winding up (by members/creditors) requires a special resolution and filing of application with the NCLT (for companies) or ROC (for LLPs via Form 24). Strike-off is a faster alternative for inactive companies with no liabilities.
Important Points:
- Voluntary winding up: Special resolution + NCLT/ROC application
- Strike-off (STK-2): Faster route for inactive companies with nil liabilities and no pending proceedings
- LLP closure: File Form 24 with ROC
- All pending returns and liabilities must be cleared before filing
- Professional guidance essential to ensure clean closure without future liabilities
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