I co-founded a private limited company with a friend, but we’ve had a falling out. I formally resigned as a director and wanted to dissolve the company, but my former partner is holding back the process through his chartered accountant. It’s been over half a year, and my resignation isn’t even acknowledged. We were the only two directors. How can I extricate myself from this situation?

Apni Law
Apni Law
Law Forum › Category: Corporate › I co-founded a private limited company with a friend, but we’ve had a falling out. I formally resigned as a director and wanted to dissolve the company, but my former partner is holding back the process through his chartered accountant. It’s been over half a year, and my resignation isn’t even acknowledged. We were the only two directors. How can I extricate myself from this situation?
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Apni Law Staff asked 10 months ago

I co-founded a private limited company with a friend, but we’ve had a falling out. I formally resigned as a director and wanted to dissolve the company, but my former partner is holding back the process through his chartered accountant. It’s been over half a year, and my resignation isn’t even acknowledged. We were the only two directors. How can I extricate myself from this situation?

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Best Answer

Apni Law Staff answered 10 months ago

As the company has only two directors, and your resignation isn’t acknowledged, your former partner can obstruct the dissolution process. You can file a petition in the National Company Law Tribunal (NCLT) under Section 241 of the Companies Act 2013 seeking the winding up of the company. The NCLT can order the company’s dissolution and appoint a liquidator to oversee the process.

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