What is just and equitable in company law?

A just and equitable ground is a ground that the court of law can enforce for winding up a business that can no longer run the business properly and fulfil its motive of profit-making and providing services to its customers.

What is the meaning of equitable in law?

impartial or reasonable; fair; just. an equitable decision. 2. law. relating to or valid in equity, as distinct from common law or statute law.

What is it just and equitable for tribunal to wind up a company?

24.3-5 Just and Equitable [Section 271(e)] The Tribunal may also order for the winding up of a company if it is of the opinion that it is just and equitable that the company should be wound up.

What is the instance where the just and equitable clause for winding up can be adopted by the tribunal?

Compulsory winding up means winding up….

What is just and equitable ground?

Just and Equitable grounds provided in the Companies Act The term ‘just and equitable’ grounds may include any of the grounds for winding up of the company. This power has been given to the court to safeguard the interests of the minority and the weaker group of members.

What is just and equitable clause?

The relief under the ‘just and equitable’ clause is discretionary and the court may refuse to make an order of winding up if it is of the opinion that some other remedy is available to the petitioner and that the petitioner is acting unreasonably in seeking to have the company wound up instead of pursing the other …

What is the difference between equity and equitable?

Equity recognizes that each person has different circumstances and allocates the exact resources and opportunities needed to reach an equal outcome. The equitable solution, however, allocates the exact resources that each person needs to access the fruit, leading to positive outcomes for both individuals.

What is equity law and where did it come from?

Equity law is derived from old English common law, when courts used their discretion to apply justice in accordance with natural law. Equity law supersedes common law and statute law when there is a conflict between the two and neither can appropriately bring the correct verdict.

When would it be just and equitable for Nclt to wind up a company?

2. The company would be wound up if Tribunal is of the opinion that it is just and equitable that it should no longer remain in function. With the passing of Insolvency and Bankruptcy Code, grounds of inability to pay debt and winding up under have been deleted.

When can a company compulsory wound up?

As per provisions of the Companies Act, 2013, compulsory winding up is possible only under the following circumstances: When the company has passed the special resolution effecting that the company be wound up by the Court or Tribunal. Has acted against the interest of the sovereignty and integrity of the country.

What is difference between equal and equitable distribution?

Equal distribution means that every individual in the society gets the name share in the country’s is national income. Equitable distribution, on the other hand, refers to a situation where differences in income are allowed but only within certain limits.

What is the difference between fair and equitable?

‘ Fair treatment means people receive non-discriminatory attitudes regardless of their personal conditions. Equitable treatment means people receive the same opportunity to reach a specific objective while specific considerations are in place.