Summary Procedure For Liquidation: Companies Act, 2013

According to Professor Gower, “Winding up of a company is the process whereby its life is ended and its property is administered for the benefit of its members & creditors. An administrator, called liquidator is appointed and he takes control of the company, collects its assets, pays its debts and finally distributes any surplus among the members in accordance with their rights.”¹ Thus, winding up of a company involves dissolution of the company, after the assets of the company are collected, the debts are paid off, and any excess has been distributed amongst its members, finally bringing about the end of the existence of the company and the name of the company being struck off from the register of companies.