Distinguish between Winding up and striking off name of companies.

S. No. Winding up of Companies Striking off name of Companies 1. Winding up is a proceeding by means of which the dissolution of a company is brought about & in the course of which its assets are collected and realised; and applied in payment of its debts; and when these are satisfied, the remaining amount is applied for returning to its members the sums which they have contributed to the company in accordance with Articles of the Company. Striking off name of a company is an alternative method of winding up of a company subject to statutory criterion specified under Section 248 of the Companies Act, 2013. 2. To be authorized by way of special resolution passed by the company or by order of the Tribunal for winding up (Section-271). Either through Notice by ROC under Section 248(1), when he has reasonable cause to believe that the company has either failed to commence its business within 1 year of its incorporation or it is not carrying any business or operation for a period of 2 immediately preceding financial years and has also not applied for being classified as a Dormant Company; or By voluntary application by company under Section 248(2), authorized by a special resolution or through consent of 75% members in terms of paid-up share capital of the company. 3. Tribunal will appoint a Provisional Liquidator or a Company Liquidator, as the case may be. The company after extinguishing all its liabilities, file the application to the ROC and liquidator is not required to be appointed. 4. Section 272(1) allows for the petition for winding up to be filed by either of the company or any contributory(s) or the Registrar or any other persons specified in that sub-section. Section 248 provides that strike-off/removal of name of the company can be done either: By Registrar of Companies on suo-motto basis; By Application of Company. 5. The name of the company will be struck off from the Register of Companies only after completion of the winding-up and dissolution procedures. Once the Registrar is convinced that the conditions and requirements mentioned under Section 248 are fulfilled only then the name of the company will be struck off from the Register of Companies.