Section 128. A Company under this Act may be wound up by the Court as hereinafter defined under the following circumstances (that is to say):

128. A Company under this Act may be wound up by the Court as hereinafter defined under the following circumstances (that is to say):— (a) whenever the Company has passed a special resolution requiring the Company to be wound up by the Court; (b) whenever the Company does not commence its business within a year from its incorporation, or suspends its business for the space of a whole year; (c) whenever the members are reduced in number to less than seven; (d) whenever the Company is unable to pay its debts; (e) whenever for any other reason of a like nature the Court is of opinion that it is just and equitable that the Company should be wound up.