kanika Seth (Student) (269 Points)
16 March 2016
Jacky
(Accountant & CA Final Student)
(320 Points)
Replied 16 March 2016
can u pls specify which solution is different ??
kanika Seth
(Student)
(269 Points)
Replied 16 March 2016
kanika Seth
(Student)
(269 Points)
Replied 16 March 2016
Jacky
(Accountant & CA Final Student)
(320 Points)
Replied 17 March 2016
just remember the Concept of floating charge :- Validity & invalidity depends upon facts & circumstances of each case:-
As per section 534 :- any floating charge created within 12 months of commencement of winding up will be treated as invalid
Exception :- if it is proved that co. was solvent after creation of charge then that shall be valid...
As per PM:- If official liquator is able to prove that co. was insolvent then also co. created floating charge & hence INVALID.....
Volutarily WU possible only when co. is solvent & creditors voluntarily wu means co. is insolvent
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