A company may
wound up by the court –if
01. The company has by special resolution resolved that the company be wound up by the court. Or
02. Default is made in filing the statutory report or holding the statutory meeting. or
03. The company does not commence its business within a year from its incorporation. or
04. Number of members is reduced in case of private company below two or incase of any other company below seven or
05. The company is unable to pay its debts.