Closing down a company is require a routine procedure. Without doing so, you would need to annually meet the requirements of the Registrar of Companies (which means spending money on audit and compliances). The bigger reason you would want to do this, of course, is because it releases the assets and investments made by you. The procedure for winding up of a company can be initiated voluntarily by the shareholders or forced by a tribunal or a court.
There are two mode of Winding up:
Voluntary Winding Up Of a Company
winding up Procedure begin with:
Closure by a Tribunal
The Companies Act, 2013 contains several new rules for closure of a company, updating those contained in the Companies Act, 1956.
A major one is that the Act specifies that a company can be wound up by a Tribunal for any one or more of the following reasons: