265. Winding up of company on report of company administrator.— (1) If the scheme is not
approved by the creditors in the manner specified in sub-section (2) of section 262, the company
administrator shall submit a report to the Tribunal within fifteen days and the Tribunal shall order for the
winding up of the sick company.
(2) On the passing of an order under sub-section (1), the Tribunal shall conduct the proceedings for
winding up of the sick company in accordance with the provisions of Chapter XX.
