Rules 25 explained: this guide covers what it means, who it applies to, the step-by-step process, documents required, fees, due dates and penalties in India — so you can stay compliant with confidence and avoid costly mistakes.
Under section 281 the Company Liquidator reports to the Tribunal on the company's affairs after a winding-up order. Rules 25 to 27 give that report its form (WIN 16), say who must help the liquidator prepare it, let creditors and contributories inspect it for a fee, and require the Company Liquidator to attend when the Tribunal considers it. This article reflects the rules as amended up to the date of the MCA e-book text (consulted 3 October 2026): as notified on 24 January 2020, in force from 1 April 2020, with no amendment listed by MCA, per the MCA e-book. Check later amendments before relying on it.
The report under section 281(1) is in Form WIN 16, and further reports may follow under section 281(4). Promoters, directors, officers, employees and every person who made or concurred in the statement of affairs must attend the liquidator and answer questions. The Tribunal fixes a date to consider the report within seven days of receiving it. A creditor or contributory may inspect the statement of affairs and report on payment of one thousand rupees and take copies at five rupees per page.
Rule 25: the report
Form and further reports (25(1))
The report the Company Liquidator submits under section 281(1) is in Form WIN 16, with variations as necessary. The Company Liquidator may make further reports if he thinks fit, according to section 281(4). What the report must cover and what the Tribunal may direct on it are explained in our note on sections 281 and 282: the liquidator's report and Tribunal directions.
Duty to assist (25(2))
It is the duty of the promoters, directors, officers and employees, and of every person who has made or concurred in making the statement of affairs, to do three things when required:
- attend on the Company Liquidator and answer all questions put to the person;
- give all further information required; and
- provide the assistance the Company Liquidator requires.
The statement of affairs is the Form WIN 4 document described in rule 4. The duty in rule 25(2) falls on the people who made or concurred in it as well as on promoters, directors, officers and employees.
Date for consideration (25(3))
The Tribunal, within seven days from the receipt of the report, fixes a date for consideration of it and notifies the date on the Tribunal's notice board and to the Company Liquidator.
If you are a director or officer who has been asked to meet the liquidator, our legal dispute resolution team can help you prepare for the questions and the information to be given.
Rule 26: inspection of the statement of affairs and the report
Every creditor or contributory, by himself or by an agent, is entitled to inspect:
- the statement of affairs submitted under section 272(4) or section 274(1); and
- the Company Liquidator's report submitted under rule 25(1),
on payment of a fee of one thousand rupees. Copies or extracts are obtained on payment of five rupees per page. Both amounts are printed in the rule. The rule gives the right to creditors and contributories only; it does not extend it to other members of the public.
Rule 27: consideration of the report by the Tribunal
The report is placed before the Tribunal for consideration. The Company Liquidator attends, personally or through an authorised representative, and gives the Tribunal any further information or explanation on the matters in the report that the Tribunal requires. On considering the report, the Tribunal may pass such orders and give such directions as it thinks fit.
The rule does not list what orders the Tribunal may pass; it leaves them to the Tribunal's discretion. The Act's provisions on what follows a report, such as directions on how the winding up is to proceed, are in the section 281 and 282 note linked above.
Sequence in short
| Step | Rule | Who | Form, fee and period as printed |
|---|---|---|---|
| Report under section 281(1) | 25(1) | Company Liquidator | Form WIN 16; further reports under section 281(4) |
| Assistance and answers | 25(2) | Promoters, directors, officers, employees, makers of the statement of affairs | When required |
| Date fixed for consideration | 25(3) | Tribunal | Within seven days of receiving the report; notice board and Company Liquidator |
| Inspection | 26 | Creditor or contributory | One thousand rupees; copies five rupees per page |
| Consideration | 27 | Tribunal; Company Liquidator attends | Orders and directions as the Tribunal thinks fit |
Example
Rajput Auto Components Limited has been ordered to be wound up. The Company Liquidator files his report in WIN 16 after meeting the former directors, who were required to attend and answer his questions; the company's accountant, who concurred in the statement of affairs, also gave information. Within seven days of receipt the Tribunal fixes a date and puts it on the notice board. An unsecured creditor, Shah Chemicals, inspects the statement of affairs and the report on paying one thousand rupees and buys copies of ten pages at five rupees per page. On the hearing date the Company Liquidator attends and answers the Tribunal's questions on the company's assets.
Need help with a liquidator's report?
A liquidator's report shapes what the Tribunal directs next, and directors and officers are expected to be available to the liquidator. Our team can help you review the report, the statement of affairs and your own position through legal dispute resolution.
Key takeaways
- The liquidator's section 281 report is in Form WIN 16, with further reports allowed.
- Promoters, directors, officers, employees and those who made or concurred in the statement of affairs must attend and assist when required.
- The Tribunal fixes a date to consider the report within seven days of receiving it.
- Creditors and contributories can inspect for one thousand rupees and copy at five rupees per page.
- The Company Liquidator attends the consideration personally or by an authorised representative.
Read next
- Rules 18–24: the winding-up order and custody of assets
- Rules 28–35: list of contributories
- Sections 281 and 282: liquidator's report and Tribunal directions
- Section 274: statement of affairs in winding up
Disclaimer: Based on the Companies Act, 2013 rules named above as consolidated in the MCA e-book (consulted on 3 October 2026), with the later notifications the article names. Later amendments, fees, forms and the Companies Act, 2013 provisions referred to should be checked. This article is general information, not legal advice; check the official text before acting.