law: Companies Act, 2013 
  PART
  
  I — Winding up by the Tribunal
  271.
  
    Circumstances
  
  in which company may be wound up by Tribunal.
  1.      A company may, on a
  
  petition under section 272, be wound up by the Tribunal,—
  a.     
  
    if
  
  the company is unable to pay its debts;
  b.    
  
    if
  
  the company has, by special resolution, resolved that the company be wound up
  
  by the Tribunal;
  c.     
  
    if
  
  the company has acted against the interests of the sovereignty and integrity of
  
  India, the security of the State, friendly relations with foreign States,
  
  public order, decency or morality;
  d.    
  
    if
  
  the Tribunal has ordered the winding up of the company under Chapter XIX;
  e.     
  
    if
  
  on an application made by the Registrar or any other person authorized by the
  
  Central Government by notification under this Act, the Tribunal is of the
  
  opinion that the affairs of the company have been conducted in a fraudulent
  
  manner or the company was formed for fraudulent and unlawful purpose or the
  
  persons concerned in the formation or management of its affairs have been
  
  guilty of fraud, misfeasance or misconduct in connection therewith and that it
  
  is proper that the company be wound up;
  f.     
  
    if
  
  the company has made a default in filing with the Registrar its financial
  
  statements or annual returns for immediately preceding five consecutive
  
  financial years; or
  g.    
  
    if
  
  the Tribunal is of the opinion that it is just and equitable that the company
  
  should be wound up.
  1.     
  2.      A company shall be
  
  deemed to be unable to pay its debts,—
  a.     
  
    if
  
  a creditor, by assignment or otherwise, to whom the company is indebted for an
  
  amount exceeding one lakh rupees then due, has served on the company, by
  
  causing it to be delivered at its registered office, by registered post or
  
  otherwise, a demand requiring the company to pay the amount so due and the
  
  company has failed to pay the sum within twenty-one days after the receipt of
  
  such demand or to provide adequate security or re-structure or compound the
  
  debt to the reasonable satisfaction of the creditor;
  b.    
  
    if
  
  any execution or other process issued on a decree or order of any court or
  
  tribunal in favour of a creditor of the company is returned unsatisfied in
  
  whole or in part; or
  c.     
  
    if
  
  it is proved to the satisfaction of the Tribunal that the company is unable to
  
  pay its debts, and, in determining whether a company is unable to pay its
  
  debts, the Tribunal shall take into account the contingent and prospective
  
  liabilities of the company.