Winding Up
The legal process of bringing a company's existence to an end and distributing its assets.
In Simple Terms
Formally closing down a company and settling its debts and remaining assets.
Detailed Legal Meaning
Winding up (now largely conducted under the insolvency framework for companies unable to pay their debts) is the process by which a company's affairs are wound up, its assets realized, its liabilities discharged, and any surplus distributed to its members, culminating in its dissolution.
Relevant Acts & Sections
- Companies Act, 2013Search on India Code ↗
- Insolvency and Bankruptcy Code, 2016Search on India Code ↗